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What is the fair value of the equipment prepare the journal

[This is a variation of the previous exercise.]

Required:

Assume the same facts as in Exercise 10-16 except that Bronco received $10,000 from the owner of the equipment to complete the exchange.

1. What is the fair value of the equipment?

2. Prepare the journal entry to record the exchange.

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Accounting Basics: What is the fair value of the equipment prepare the journal

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Accounting Basics: What is the fair value of the equipment prepare the journal

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