Quitzau Fishing Corp. (QFC) received a parcel of undeveloped land from another company in exchange for $45,000 cash and a second-hand forklift used in production. The fair values of the forklift and land have both been reliably measured. Pertinent details of the exchange follow:

Historical cost of the forklift ...............................................$50,000
Accumulated depreciation of the forklift ..........................  12,000
Fair market value of the forklift ........................................... 42,000
Fair market value of the land ..............................................  88,000
Cash paid ................................................................................ 45,000

Required:
a. Does this transaction appear to have commercial substance? Why or why not?
b. Prepare the journal entry to record the exchange of assets assuming that the transaction has commercial substance.
c. Prepare the journal entry to record the exchange of assets assuming that the transaction lacks commercial substance.