! 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 $63,000. According to an independent appraisal, the old land currently is worth $118,000. Salad Express paid $15,500 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 $63,000. According to an independent appraisal, the old land currently is worth $118,000. Salad Express paid $15,500 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