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The Bronco Corporation exchanged land for equipment

The Bronco Corporation exchanged land for equipment
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Solution Guide / Answer Key:

ACCOUNTING

Exercise 10-16 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 to exchange which has commercial substance.

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

 

FILE: MS WORD

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