The Tinsley Company exchanged land that it has 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 $38,000. According to an independent appraisal, the land currently is worth $88,000. Tinsley gave $30,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley? Fair Value ______ 2. Prepare the journal entry to record the exchange assuming the exchange has commercial substance (If no entry is required for an event, select No journal entry required in the first account field.) Journal Entry Worksheet 1 Record the exchange of land assuming the exchange has commercial substance. Event General Journal Debit Credit * Enter debits before credits Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance. (If no entry is required for an event, select No journal entry required in the first account field.) Journal Entry Worksheet 1 Record the exchange of land assuming the exchange lacks commercial substance. Event General Journal Debit Credit 1 * Enter debits before credits The Tinsley Company exchanged land that it has 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 $38,000. According to an independent appraisal, the land currently is worth $88,000. Tinsley gave $30,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley? Fair Value ______ 2. Prepare the journal entry to record the exchange assuming the exchange has commercial substance (If no entry is required for an event, select No journal entry required in the first account field.) Journal Entry Worksheet 1 Record the exchange of land assuming the exchange has commercial substance. Event General Journal Debit Credit * Enter debits before credits Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance. (If no entry is required for an event, select No journal entry required in the first account field.) Journal Entry Worksheet 1 Record the exchange of land assuming the exchange lacks commercial substance. Event General Journal Debit Credit 1 * Enter debits before credits