The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitableparcel located farther from residential areas. Tinsley carried the land at its original cost of $30,000. Accordingto an independent appraisal, the land currently is worth $72,000. Tinsley paid $14,000 in cash to complete thetransaction.Required:1. What is the fair value of the new parcel of land received by Tinsley?2. Prepare the journal entry to record the exchange assuming the exchange has commercial substance

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