Exercise 10-17 (Static) 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 received $10,000 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the fair value of the equipment? Fair value $ 160,000 Exercise 10-17 (Static) 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 received $10,000 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. 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.) No Credit Transaction 1 Debit 160,000 1 General Journal Equipment - new Cash Land - old Gain on exchange of assets 10,000 120,000 30,000