please correct and complete the problem

Exercise 10-16 (Algo) Nonmonetary exchange (LO10-6) The Bronco Corporation exchanged land for equipment. The land had a book value of $126,000 and a fair value of $162,000. Bronco paid the owner of the equipment $16,000 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. 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 $ 145,000 Required 2 > Exercise 10-16 (Algo) Nonmonetary exchange (LO10-6] The Bronco Corporation exchanged land for equipment. The land had a book value of $126,000 and a fair value of $162,000. Bronco paid the owner of the equipment $16,000 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. 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.) View transaction list Record the entry of exchange of assets. Exercise 10-16 (Algo) Nonmonetary exchange (LO10-6] The Bronco Corporation exchanged land for equipment. The land had a book value of $126,000 and a fair value of $162,000. Bronco paid the owner of the equipment $16,000 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required i 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 Transaction General Journal Credit Equipment - new Cash Dobit 146,000 16,000 Land-new 126,000 36,000 Gain on exchange of assets