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wMU-Central Authenticatio w Look Up Classes ,' w Register Your iClicker × M Chapter 7 Homework Accounting question I Chegg × x x C ezto.mheducation.com/hm.tpx dirk G Google Apple Bing D Yahoc Safari de 6 Required information .00 points 2. Record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the exchange of land. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

Computation of Fair value of new parcel of land

Fair value of old land

$1,12,000

Add: Cash paid for exchange

$14,000

Fair value of new land

$1,26,000

Record the exchange of Land

JOURNAL

Transaction

Account

Debit

Credit

1

Land (New)

$1,26,000

     Land (0ld)

$60,000

     Cash

$14,000

     Gain on exchange

                    $52,000

(Being the entry for exchange of land)

Computation of Fair value of new parcel of land

Fair value of old land

$1,12,000

Add: Cash paid for exchange

$14,000

Fair value of new land

$1,26,000

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