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 $50,000. According to an independent appraisal, the land currently is worth $120,000. Tinsley paid $16,000 in cash to complete the transaction.

4. Prepare the journal entry to record the exchange except that Tinsley received $24,000 in the exchange, and the exchange lacks commercial substance.

My answer is partially correct, numbers 2 and 3:
No	Event	General Journal	Debit	Credit
1	1	Landnew	120,000
2		Cash	24,000
3		Landold		50,000
4		Gain		94,000

I have posted this answer before and the answer from the person was

Event	General Journal	Debit	Credit
1	Land - new ($120,000 + 24,000)	$144,000
	Cash		$24,000
	Land - old (book value)		$50,000
	Gain ($120,000 50,000)		$70,000
2	Land - new ($50,000 + 24,000)	$74,000
	Cash		$24,000
	Land - old (book value)		$50,000

I have tried those numbers and other many combinations by having land new equal to 136k and 144k. Also gain on exchange equal 97k and 70k but I cant find the answer for those slots 1&4.I will appreciate a detailed and correct answer. Thank you.