New World Deli exchanged land for a more suitable parcel of land to be used for a new restaurant.New World Deli reported the old land at its original cost of $85,000.According to an independent appraisal,the old land currently is worth $110,000.New World Deli paid $15,000 in cash to complete the transaction.Record the exchange.

Question

Quizplus · Accepted Answer

The Answer of New World Deli exchanged land for a more suitable parcel of land to be used for a new restaurant.New World Deli reported the old land at its original cost of $85,000.According to an independent appraisal,the old land currently is worth $110,000.New World Deli paid $15,000 in cash to complete the transaction.Record the exchange.

New World Deli Exchanged Land for a More Suitable Parcel