1. Metro Co. exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Metro carried the land at its original cost of $30,000. According to an independent appraisal, the land currently is worth $72,000. Metro paid $14,000 in cash to complete the transaction. Required: 1) Prepare the journal entry to record the exchange assuming the exchange has commercial substance. 2) Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance. 3) Prepare the journal entry to record the exchange except that Metro received $9,000 in the exchange, and the exchange lacks commercial substance