accounting

Exercise 10-18 (Algo) Nonmonetary exchange [LO10-6] The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tinsley carried the land at its original cost or $68,750. According to an independent appraisal, the land currently is worth $165,000. Tinsley paid $24,000 in cash to complete the transaction Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2. Prepare the journal entry to record the exchange assuming the exchange has commercial substance. 3. Prepare the journat entry to record the exchange assuming the exchange lacks commercial substance. 4. Prepare the journal entry to record the exchange except that Tinsley recerved $33,000 in the exchange, and the exchange lacks commercial substance Complete this question by entering your answers in the tabs below. Prepare the joumal entry to record the exchange except that Tinsley receved $33,000 in the exchange, and the exchange lacks commercial substance. thotef If no entry is required for a transactiodevent, select We journal entry requireds in the firat account field. Do riot voand intermediate calcutations