need 1 & 2 answered please

A company exchanged land it had been holding for future plant expansion for a more sultable parcel of land along distribution routes. The company reported the old land on the previously issued balance sheet at its original cost of $75,000. According to an independent appraisal, the old land currently is worth $142,000. The company paid $21,500 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by the company? 2. Record the exchange. Complete this question by entering your answers in the tabs below. What is the fair value of the new parcel of land received by the company