Question: This is a variation of the previous exercise Required Assume the

[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.


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  • CreatedJuly 02, 2013
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