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 $68,750. According to an independent appraisal, the land currently is worth $165,000. Tinsley paid $24,000 in cash to complete the transaction. Required: 1. Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance. 2. Prepare the journal entry to record the exchange except that Tinsley received $33,000 in the exchange, and the exchange lacks commercial substance.