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 $62,500 According to an independent appraisal, the land currently is worth $150,000 Tinsley paid $23,000 in cash to complete the transaction Required 1 What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance 2 Prepare the journal entry to record the exchange assuming the exchange has commercial substance 3 Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance 4 Prepare the journal entry to record the exchange except that Tinsley received $30,000 in the exchange, and the exchange lacks commercial substance Complete this question by entering your answers in the tabs below What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance Fair value Req 1 Req 2 and 3 Journal entry worksheet 1 Record the exchange of land assuming the exchange has commercial substance 2 Record the exchange of land assuming the exchange lacks commercial substance Note Enter debits before credits Prepare the journal entry to record the exchange assuming the exchange has commercial substance and exchange lacks commercial substance (If no entry is required for a transaction event, select No journal entry required in the first account field ) Event General Journal Debit Credit 1 Req 1 Re Prepare the journal entry to record the exchange except that Tinsley received $30,000 in the exchange, and the exchange lacks commercial substance (If no entry is required for a transaction event, select No journal entry required in the first account field Do not round intermediate calculations ) Journal entry worksheet Record the exchange except that Tinsley received $30,000 in the exchange, and the exchange lacks commercial substance Event General Journal Debit Credit 1

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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 $62,500. According to an independent appraisal, the land currently is worth $150,000. Tinsley paid $23,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2. Prepare the journal entry to record the exchange assuming the exchange has commercial substance. 3. Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance. 4. Prepare the journal entry to record the exchange except that Tinsley received $30,000 in the exchange, and the exchange lacks commercial substance.

Complete this question by entering your answers in the tabs below.

What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance?

Fair value

Req 1
Req 2 and 3

Journal entry worksheet

1.Record the exchange of land assuming the exchange has commercial substance.
2. Record the exchange of land assuming the exchange lacks commercial substance.

Note: Enter debits before credits.

Prepare the journal entry to record the exchange assuming the exchange has commercial substance and exchange lacks commercial substance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Event	General Journal	Debit	Credit
1

Req 1
Re
Prepare the journal entry to record the exchange except that Tinsley received $30,000 in the exchange, and the exchange lacks commercial substance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)

Journal entry worksheet
Record the exchange except that Tinsley received $30,000 in the exchange, and the exchange lacks commercial substance.
Event General Journal Debit Credit

1