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The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farComplete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Reg 4 Prepare the journal entry to recorComplete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Reg 4 Prepare the journal entry to recorComplete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Prepare the journal entry to recor

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Answer #1

1)

FV of old land    240,000.00
Cash given      33,000.00
PV of New Land    273,000.00

2)

Debit Credit
Land New    273,000.00
Cash      33,000.00
Land-Old    100,000.00
Gain    140,000.00

3)

Debit Credit
Land New    133,000.00
Cash      33,000.00
Land-Old    100,000.00
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