Question: answer both please, as they're directly related E 10-16 Nonmonetary exchange [[ LO10-6 The Bronco Corporation exchanged land for equipment. The land had a book

answer both please, as they're directly related

E 10-16 Nonmonetary exchange [[ LO10-6 The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and a fair value of $150,000. Bronco paid the owner of the equipment $10,000 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. E 10-17 Nonmonetary exchange LO10-6 Assume the same facts as in E 10-16 except that Bronco received $10,000 from the owner of the equipment to complete the exchange. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange

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