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wMU-Central Authenticatio w Look Up Classes W Register Your ic icker x MChapter 7 Homework Accounting question lChegg x × x x C ezto.mheducation.com/hm.tpx Aook Biaber The following information applies to the questions displayed below. Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distribution routes. Salad Express reported the old land on the previously issued balance sheet at its original cost of $60,000. According to an independent appraisal, the old land currently is worth $112,000. Salad Express paid $14,000 in cash to complete the transaction. value: Required information 1.00 points Required: 1. What is the fair value of the new parcel of land received by Salad Express? Fair value of the new land Hints References Book & Resources Hint #1

Explanation / Answer

C1) Fair value of land is $112,000 (codt according to independent apprisal). This cost can not be considered as land improvement costs like fencing, cleaning, leveling hence, cash paid to evaluator of $14,000 for perfomring the transaction should not be included along with new fair value of land.

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