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Exercise 2: Nonmonetary Exchange with No Commercial Substance The Tinsley Company exchanged land for another parcel of land. Tinsley carried the land at its original

Exercise 2: Nonmonetary Exchange with No Commercial Substance

The Tinsley Company exchanged land for another parcel of land. Tinsley carried the land at its original cost of $36,500. According to an independent appraisal, the land currently is worth $850,000. Tinsley gave $27,000 in cash to complete the exchange, which has no commercial substance.

Required: Prepare the journal entry to record the exchange.

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