zmt1169925938 zmt1169925938

12-04-2024
Business

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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:
What is the fair value of the equipment?
Prepare the journal entry to record the exchange.

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