chuckmoney2163 chuckmoney2163
  • 23-11-2022
  • Business
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the bronco corporation exchanged land for equipment. the land had a book value of $137,000 and a fair value of $184,000. bronco paid the owner of the equipment $27,000 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.

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