Exercise 10-17 (Algo) Nonmonetary exchange [LO10-6]The Bronco Corporation exchanged land for equipment. The land had a book value of $131,000 and a fair value of $172,000. Broncoreceived $21,000 from the owner of the equipment to complete the exchange which has commercial substance.Required:1. What is the fair value of the equipment?2. Prepare the journal entry to record the exchange.Required 1 Required 2Complete this question by entering your answers in the tabs below.Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)No1X Answer is not complete.Transaction1Equipment - newLand-oldGeneral JournalCashGain on exchange of assets< Required 1Required 2<***Debit193,000 XCredit131,000 X21,000 X41,000

Fair value of equipment = Fair value of land - Cash received Gain on exchange = Cost of equipment +…

Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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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