Required information Exercise 7-18A 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 $72,000. According to an independent appraisal, the old land currently is worth $136,000. Salad Express paid $20,000 in cash to complete the transaction. Exercise 7-18A Part 1 Required: 1. What is the fair value of the new parcel of land received by Salad Express? Fair value of the new land $ 44,000