Saved Help ect or Incorrect for the work you have completed so far. It does not Indlcate comp The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tinsley carried the land at its original cost of $100,000. According to an Independent appraisal, the land currently is worth $240,000. Tinsley pald $33,000 in cash to complete the transaction. Required: 1. What is the falr value of the new parcel of land recelved by Tinsley assuming the exchange has commercial substance? 2. Prepare the journal entry to record the exchange assuming the exchange has commercial substance 3. Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance. 4. Prepare the journal entry to record the exchange except that Tinsley receved $48,000 in the exchange, and the exchange lacks commercial substance Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3Req 4 Prepare the journal entry to record the exchange except that Tinsley received $48,000 in the exchange, and the exchange lacks commercial substance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) No Event General Journal Debit Credit Prev .6 of 8 Next > to search o hiometo e oKyu ave completed so far. It does not Indlc Answer is not complete. Complete this question by entering your answers in the tabs below Req 1 Req 2 and 3 Req 4 Prepare the journal entry to record the exchange except that Tinsley received $48,000 in the exchange, and the exchange lacks commercial substance. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations.) Ne Event General Journal Debit Credit Land-new 52,000 48,000 Cash Gain 140,000 100,000 Land-old K Req 2 and 3 e here to search Saved Hel Check my work mode : Thls shows what Is correct or Incorrect for the work you have completed so far. It does not Indicate comp On January 1, 2018, the Marjlee Company began construction of an office bulding to be used as its corporate headquarters. The building was completed early in 2019. Construction expenditures for 2018, which were incurred evenly throughout the year, totaled $5,400,000. Marjlee had the following debt obligations which were outstanding during all of 2018: Construction loan, 12% Long-term note, 11% Long-term note, 8% $1,350,000 1,800,000 3,600,000 Required Calculate the amount of Interest capitalized in 2018 for the building using the specific Interest method. Answer is complete but not entirely correct. Interest s2,700,000 alized K Prev 7 of 8 Next > all ype here to search Saved Help Tristar Production Company began operations on September 1, 2018. Listed below are a number of transactions that occurred during Its first four months of operations. FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $) (Use appropriate factor(s) from the tables provided.) 1. On September 1, the company acquired five acres of land with a bulding that will be used as a warehouse. Tristar pald $210,000 In cash for the property. According to appralsals, the land had a falr value of $142,600 and the bullding had a fair value of $87,400. Book 2. On September 1, Tristar signed a $51,000 noninterest-bearing note to purchase equipment. The $51,000 payment is due on September 1, 2019. Assume that 9% is a reasonable interest rate 3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,600. 4. On september 18, the company pald its lawyer $3,000 for organizing the corporation. 5. On October 10, Tristar purchased malntenance equipment for cash. The purchase price was $26,000 and $1,050 In freight charges Print ferences also were paid. 6. On December 2, Tristar acqulred vartous items of office equipment. The company was short of cash and could not pay the $6,600 normal cash price. The suppliler agreed to accept 200 shares of the company's nopar common stock In exchange for the equipment. The falr value of the stock is not readlly determinable 7. on December 10, the company acquired a tract of land at a cost of $31,000. It paid $3,000 down and signed a 11% note with both principal and interest due in one year. Eleven percent is an appropriate rate of interest for this note. Required Prepare journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No Journal entry requlred" In the first account fleld. Round final answers to the nearest whole dollers.) View transaction list Ac