Belkin Freight provides general freight service in Canada. The business's balance sheet includes the following assets under Property, Plant, and Equipment: Land, Buildings, and Trucks. Belkin Freight has a separate accumulated amortization account for each of these assets except land.

Assume that Belkin Freight completed the following transactions during 2020:

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Feb. 6 Jun. 3 Sep. 25 Traded in the old moving truck with a book value of $86,000 (cost of $280,000) for a similar new truck with a fair market value of $330,000. Belkin Freight received a trade-in allowance of $120,000 on the old truck and paid the remainder in cash. This transaction met the criteria for commercial substance. Sold a building that had cost $1,250,000 and had accumulated amortization of $577,500 through December 31, 2019. Amortization is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $150,000. Belkin Freight received $300,000 cash and a $1,000,000 note receivable. Purchased land and a building for cash for a single price of $790,000. An independent appraisal valued the land at $250,000 and the building at $375,000.