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What is the fair value of the equipment

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Reference no: EM13999369

[This is a variation of the previous exercise.]

Required:

Assume the same facts as in Exercise 10-16 except that Bronco received $10,000 from the owner of the equipment to complete the exchange.

1. What is the fair value of the equipment?

2. Prepare the journal entry to record the exchange.

Reference no: EM13999369

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