The Lituya Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Lituya carried the land at its original cost of $25,000. According to an independent appraisal, the land currently is worth $73,000. Lituya paid $15,000 in cash to complete the transaction. The transaction does not have commercial substance. Question The journal entries for this transaction would not include: a Gain for $48,000 a debit to Land-New for $40,000 a credit to Land-Old for $25,000 a credit to Cash for $15,000