I couldn't find the right answers he Bronco Corporation exchanged land for equipment. The land had a book value of $122,000 and a fairalue of $154,000. Bronco paid the owner of the equipment $12,000 to complete the exchange which hasommercial substance.Required:.What is the fair value of the equipment?2. Prepare the journal entry to record the exchange.Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journalthe first account field.)View transaction listView journal entry worksheetNoTransactionGeneral JournalDebitCredit11Equipment - new3,400Cash12,000Gain on exchange of assets< Required 1Required 2 > Exercise 10-16 (Algo) Nonmonetary exchange [LO10-6]The Bronco Corporation exchanged land for equipment. The land had a book value of $122,000 and a fairvalue of $154,000. Bronco paid the owner of the equipment $12,000 to complete the exchange which hascommercial substance.Required:1. What is the fair value of the equipment?2. Prepare the journal entry to record the exchange.Complete this question by entering your answers in the tabs below.Required 1Required 2What is the fair value of the equipment?Fair value$3,400K RequiredRequired 2 >%24

he Bronco Corporation exchanged land for equipment. The land had a book value of $122,000 and a fair alue of $154,000. Bronco paid the owner of the equipment $12,000 to complete the exchange which has ommercial substance. equired: What is the fair value of the equipment? Prepare the journal entry to record the exchange. Complete this question by entering your answers in the tabs below.

he Bronco Corporation exchanged land for equipment. The land had a book value of $122,000 and a fair alue of $154,000. Bronco paid the owner of the equipment $12,000 to complete the exchange which has ommercial substance. equired: What is the fair value of the equipment? Prepare the journal entry to record the exchange. Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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