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Exercise 10-16(Static) Nonmonetary exchange [LO10-6] The Bronco Corporation exchanged land for...

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Accounting

Exercise 10-16(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 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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