ThatOneGuy8144
18.07.2020 •
Business
The Bronco Corporation exchanged land for equipment. The land had a book value of $139,000 and a fair value of $188,000. Bronco paid the owner of the equipment $29,000 to complete the exchange which has commercial substance.
Required:
a. What is the fair value of the equipment?
b. Prepare the journal entry to record the exchange.
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