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The Tinsley Company exchanged land that it had been holding for future plant expansion for...

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Accounting

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 $33,000. According to an independent appraisal, the land currently is worth $78,000. Tinsley gave $20,000 in cash to complete the transaction. What is the Fair value of the parcel ? What is the journal entry required ?

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