Required information Exercise 7-18 (Algo) Record an exchange of land (LO7-6) [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 $67,000. According to an independent appraisal, the old land currently is worth $126,000. Salad Express paid $17,500 in cash to complete the transaction. Exercise 7-18 (Algo) Part 1 Required: 1. What is the fair value of the new parcel of land recelved by Salad Express? Required information Exercise 7-18 (Algo) Record an exchange of land (LO7-6) [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 $67,000. According to an independent appraisal, the old land currently is worth $126,000. Salad Express paid $17.500 in cash to complete the transaction. Exercise 7-18 (Algo) Part 2 2. Record the exchange. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first ccount field.) Journal entry worksheet