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 |
The Tinsley Company exchanged land that it had been holding for future plant expansion for a...
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 $56,250. According to an independent appraisal, the land currently is worth $135,000. Tinsley paid $17,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2. Prepare the journal...
Unelary exchange (L010-6] 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 $30,000. According to an independent appraisal, the land currently is worth $72,000. Tinsley paid $14,000 in cash to complete the transaction Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2....
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 $87,500. According to an independent appraisal, the land currently is worth $210,000. Tinsley paid $30,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2. Prepare the journal...
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 $68,750. According to an independent appraisal, the land currently is worth $165,000. Tinsley paid $29,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2. Prepare the journal...
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 $43,750. According to an independent appraisal, the land currently is worth $105,000. Tinsley paid $15,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2. Prepare the journal...
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 $30,000. According to an independent appraisal, the land currently is worth $72,000. Tinsley paid $14,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? 2. Prepare the journal...
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 $87,500. According to an independent appraisal, the land currently is worth $210,000. Tinsley paid $30,000 in cash to complete the transaction. Prepare the journal entry to record the exchange except that Tinsley received $42,000 in the exchange, and the exchange lacks commercial substance.
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 $56,250. According to an independent appraisal, the land currently is worth $135,000. Tinsley paid $20,000 in cash to complete the transaction. Required:1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance?2. Prepare the journal entry to record the exchange...
The Parsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Parsley carried the land at its original cost of $27,500. According to an independent appraisal, the land currently is worth $ 66,000. Parsley gave $13,200 in cash to complete the transaction. Required: (1) What is the fair value of the new parcel of land received by Parsley? (2) Prepare the journal entry to record the exchange...
The Bronco Corporation exchanged land for equipment. The land had a book value of $136,000 and a fair value of $182,000. Bronco received $26,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. Skipped eBook Complete this question by entering your answers in the tabs below. Print References Required 1 Required 2 What is the fair...