Question: JenStar exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. JenStar carried the

JenStar exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. JenStar carried the land at its original cost of $34,000. According to an independent appraisal, the land being given up was currently worth $75,000. JenStar gave $16,000 in cash to complete the transaction. a) What is the fair value of the new parcel of land received by JenStar? Please make sure your final answer(s) are accurate to the nearest whole number.

Fair value of new land = $ b) Prepare the journal entry to record the exchange. Enter an appropriate description, and enter 31/Dec for the date. Please make sure your final answer(s) are accurate to 2 decimal places.

General JournalPage G6DateAccount/ExplanationPRDebitCredit c) Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance. Enter an appropriate description, and enter 31/Dec for the date. Please make sure your final answer(s) are accurate to 2 decimal places.

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