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(20 points) Moore Corporation follows a policy of a 10% depreciation charge per year on...

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Accounting

(20 points) Moore Corporation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings. The following transactions occurred in 2015:
March 31,2015-Negotiations which began in 2014 were completed and a building purchased 1/1/06(depreciation has been properly charged through December 31,2014) at a cost of $6,400,000 with a fair value of $4,000,000 was exchanged for a second building which also had a fair value of $4,000,000. The exchange had no commercial substance. Both parcels of land on which the buildings were located were equal in value, and had a fair value equal to book value.
June 30,2015- Machinery with a cost of $720,000 and accumulated depreciation through January 1 of $540,000 was exchanged with $450,000 cash for a parcel of land with a fair value of $690,000. The exchange had commercial substance.
Instructions
Prepare all appropriate journal entries for Moore Corporation for the above dates.
March 31,2015
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