The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located anher from residential areas Tinsley carried the land at its original cost of s31.000 According to an independent appraisal, the land currently is worth $74.000 Tinsley gave $16,000 n 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 2. Prepare the journal entry 10 record the exchange ssuming the exchange has commercial substance (If no entry is required for a transactionevent, select ntry required in the first account view transac view general journal Journal Entry Worksheet Record the exchange of land assuming the exchange has commercial substance. Event General 2ournal Debit Credit *Enter debits before credits