Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 $33,000. According to an independent appraisal, the land currently is worth $78,000. Tinsley gave $20,000 in cash to complete the transaction. What is the Fair value of the parcel ? What is the journal entry required ?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Text Only

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

5th Edition

0006575404, 978-0006575405

More Books

Students also viewed these Accounting questions

Question

What is Construction Work-in-Progress?

Answered: 1 week ago

Question

Why was humanistic psychology referred to as a third force?

Answered: 1 week ago

Question

Define self-esteem and discuss its impact on your life.

Answered: 1 week ago