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Required information [The following information applies to the questions displayed below.] Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distribution routes. Salad Express reported the old land on the previously issued balance sheet at its original cost of $68,000. According to an independent appraisal, the old land currently is worth $128,000. Salad Express paid $18,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Salad Express? Fair value of the new land Required information [The following information applies to the questions displayed below.) Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distribution routes. Salad Express reported the old land on the previously issued balance sheet at its original cost of $68,000. According to an independent appraisal, the old land currently is worth $128,000. Salad Express paid $18,000 in cash to complete the transaction. 2. Record the exchange. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the exchange of land. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry View general journal Clear entry