Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distribution routes Salad Express reported the old land on the previously issued balance sheet at its original cost of $ 70,000 According to an independent appraisal, the old land cu...

Requirement 1 Fair value of the old land ...

Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel

Question:

Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along routes. Salad Express reported the old land on the previously issued at its original cost of $ 70,000. According to an independent appraisal, the old land currently is worth $ 132,000. Salad Express paid $ 19,000 in cash to complete the transaction.

Required:
1. What is the fair value of the new parcel of land received by Salad Express?
2. Record the exchange.

Balance Sheet
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