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Hey I need a very detailed explanation and solution to the 2 question being asked bellow. first question said the company is following IFRS and the second at the end it is also asking for a journal entry

On January 1, 2019 Stuff Inc. acquired land with a very old bullding on it to bulld a new plant. They made a $25,000 down payment and signed a non-interest bearing note for $300,000 that is due with 2 instaiment payments of $150,000 each at the end of the next 2 years. An interest rate of 10% is implicit in the purchase price. On January 1, 2019 they paid their lawyer $1,300 to perform a title search on the property. On January 15, 2019 they paid a local demolition crew $12,000 to demolish the existing buliding. Stuff inc. was able to recover $5,800 from materials salvaged. They began construction on February 1, 2019 and construction was completed by August 1 , 2019. They had everything ready to start operations on August 1, 2019. On March 1, 2019 Machinery was purchased for $95,000 to manufacture "stufr. The Machinery was purchased with discount terms 2/10n30. There was an additional dellvery fee of 5500. On January 20, the Municipality paid Stuff Inc. a grant of $25,000 to help with the construction. The company also paid for the following additional expenditures during the year: -Landscaping,treesandshrubs(assumepermanentinnature)-Storagecosts(duetoconstructionnotcompletedasscheduled)-Machineryassemblyandlnstallation(onJuly31)-Bulldingconstructioncosts-Interestcostsfor2019fiscalyearcoveringperiodFebruary1toDec31-Insurancecoverageforthebuildingrelatingtoa18-monthperiod-Archiltectsfeestohelpwiththedesignofthebulliding18,7503,7003,600515,000(constructionloansignedonFebruary1,2019)(InsurancecoveragestartedandpaidforonFebruary1,2019)5,95010,6204,880 Reculred: 1. Prepare a spreadsheet with following columns. Assume company follows IFRS. DESCRIPTION LAND BUILDING MACHINE OTHER Determine the amounts that should be included in the Land, Building, and Machinery accounts. If the cost does not fall under one of these accounts, indicate the account it should be debited to in the "other" category. Show calculations. (19 maris) 2. Assume on January 1, 2021 they decided to trade their Machine for a NaW machine. As part of this trade, the company (Stuff Inc.) also pald $10,600 in cash. Assume that the old machine had a market value of 558,000 on January 1, 2021 (the date of the trade). The NEW machine has a market value of $68,650. Double declining balance Depreciation method was used for the old machine assuming an original useful life of 5 years. Show all calculations including Depreciation of the old machine, Prepare the joumal entry on January 1, 2021 to record the trade (6 marks)

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