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BB LTI Launch x @ Question 6 - Chapter 10 Hor x + CG 23 ezto.mheducation.com/ext/map/index.html?_con=conexternal_browser=0launchUrl=https%253A%252F%252Fconnect.mheducation.com... Q y+ *} ca so Saved Chapter 10 Homework @ 3 points Exercise 10-18 (Algo) Nonmonetary exchange [LO10-6] 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 $81,250. According to an independent appraisal, the land currently held by Tinsley is worth $195,000. Tinsley paid $28,000 in cash to complete the transaction. zoek Required: 4. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 8 2. Prepare the journal entry to record the exchange assuming the exchange has commercial substance. Hint 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 $39,000 in the exchange, and the exchange lacks = commercial substance Paint a Complete this question by entering your answers in the tabs below. References Req 1 Req 2 and 3 Req 4 Prepare the journal entry to record the exchange except that Tinsley received $39,000 in the exchange, and the exchange lacks commercial substance. Note: If no entry is required for a transaction or event, select "No journal entry required\" in the first account field. Do not round intermediate calculations. Journal entry worksheet Show less a, 1 Record the exchange except that Tinsley received $39,000 in the exchange, and the exchange lacks commercial substance. Note: Enter debits before credits. Transaction