The Bronco Corporation exchanged land for equipment. The land had a book value of $120,000 and...

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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. Bron

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Answer 1

Answer #1

1 dofto0 Fair valve of the land it self fair value of (50/000 the Equipment 150,000 =)Dr.Cquipment Alc 30100 0 AlC Cr. Gain O

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Answer 2

Answer #2

Fair Value of the land = Fair value of land + Cash received = $150,000 + 10,000 = $160,000 Screen Shot 2020-11-24 at 2.01.52 AM.png

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answered by: Mel

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Answer 3

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