The Tin Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tin carried the land at its original cost of $30,000. According to an independent appraisal, the land currently is worth $72,000. Tin paid $14,000 in cash to complete the transaction.

Required:

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

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

3. Prepare the journal entry to record the exchange except that Tinsley received $9,000 in the exchange, and the exchange lacks commercial substance.