Required:

What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance?

Prepare the journal entry to record the exchange assuming the exchange has commercial substance.

Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance.

Prepare the journal entry to record the exchange except that Tinsley received $$36,000$ in the exchange, and the exchange lacks

commercial substance.

Complete this question by entering your answers in the tabs below.

What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance?

Fair value

Prepare the journal entry to record the exchange assuming the exchange has commercial substance.

Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$2$

$>$

Record the exchange of land assuming the exchange has commercial

substance.

Note: Enter debits before credits.

Journal entry worksheet

Record the exchange of land assuming the exchange lacks commercial

substance.

Note: Enter debits before credits.

Prepare the journal entry to record the exchange except that Tinsley received $$36,000$ in the exchange, and the exchange lacks

commercial substance.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Do not round

intermediate calculations.

Journal entry worksheet

Record the exchange except that Tinsley received $$36,000$ in the exchange,

and the exchange lacks commercial substance.

Note: Enter debits before credits.