![Chapter 10 Homework i 2 Exercise 10-17 (Algo) Nonmonetary exchange [LO10-6] The Bronco Corporation exchanged land for equipme](http://img.homeworklib.com/questions/2f29fe80-4163-11ea-87f4-0128ae3a0c6f.png?x-oss-process=image/resize,w_560)
What is the correct debit and credit journal entries?
Also the account names say old or new, if your response could include the correct account names that would be perfect.
Homework Answers
Fair Value of Equipment = Fair Value of Land - Cash
= 166000 - 18000
= 148000
Journal entry:
| Equipment - New | 148000 | |
| Cash | 18000 | |
| Land - Old (Book Value) | 128000 | |
| Gain on exchange (166000 - 128000) | 38000 |
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