Help Save & Ext Sub Check my work 3 14.32 points Required information Exercise 7-188 Record an exchange of land (LO7-6) The following information applies to the questions displayed below] A company exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distribution routes The company reported the old land on the previously issued balance sheet at its original cost of $61,000. According to an independent appraisal, the old land currently is worth $114.000. The company paid $14.500 in cash to complete the transaction Mc Graw Hi Exercise 7-18B Part 1 Required: 1. What is the fair value of the new parcel of land received by the company? Fait value of the new land < Prev 3 of 7 Next > 1123PM