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11 October, 03:05

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 $62,000. According to an independent appraisal, the old land currently is worth $116,000. Salad Express paid $15,000 in cash to complete the transaction.

Required:

1. What is the fair value of the new parcel of land received by Salad Express?

2. Record the exchange.

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Answers (1)
  1. 11 October, 03:16
    0
    k, jb

    Explanation:

    lkjb
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