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 $93750 According to an independent appraisal, the land currently is worth $225,000 Tinsley paid $31,000 in cash to complete the transaction 10 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 $45,000 in the exchange, and the exchange lacks 7 points % o13733 commercial substance Complete this question by entering your answers in the tabs below. etook Reg 1 Reg 2 and 3 Reg 4 Prim what is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? Far salan References Req 2 and 3 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 $93,750 According to an independent appraisal, the land currently is worth $225,000. Tinsley paid $31,000 in cash to complete the transaction 10 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 joumal entry to record the exchange assuming the exchange has commercial substance. 3. Prepare the joumal entry to record the exchange assuming the exchange lacks commercial substance. 4. Prepare the jounal entry to record the exchange except that Tinsley received $45,000 in the exchange, and the exchange lecks commercial substance 7 poins Complete this question by entering your answers in the tabs below Rea 1 Rea 2 and 3 Req 4 Prepare the journal entry to record the axchange assuming the axchange has commercial substance and exchange lacks commercial substance. (If no entry is required for a transaction/evant, selact "No journal entry raquired in the first account field.) erences View transaction list Journal entry worksheet 2 Record the achange of land assuming the exchange has commercial substance. Net er dede betoeds Event Debit Creas Geseral Juura Recerd entry clear entry View general journal Res 4 Re The Tinsley Company exchaiged 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 $93,750. According to an independent appraisal, the land currently is worth $225,000. Tinsley paid $31,000 in cash to complete the transaction 10 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 $45,000 in the exchange, and the exchange lacks commercial substance 7 points 013702 Complete this question by entering your answers in the tabs below. eBook Reg 1 Req 2 and 3 Reg 4 Print Prepare the journal entry to record the exchange except that Tinsley received $45.000 in the exchange, and the exchange lacks commercial substance. (If no entry is required for a transaction/event, solect No journal entry required in the first account field. Do not round intermediate calculations.) eferences View transaction list. Journal entry worksheet Record the exchange except that Tinsley received $45,000 in the exchange, and the exchange lacks commercial substance. Note Eeter debits befoe eredits Event General Joumal Debit Credit Record entry Clear entry View geseral journal Req 2 and 3 e 4
