In this assignment, we are going to chronicle the changes in value and ownership of one asset—a one-acre plot of land on the corner of Cedar Springs Road and McKinney Avenue in Dallas, Texas—from January 1999 through December 2001. Here are the significant events that happened to that plot of land during this time period:

January 4, 1999: The land is purchased for $450,000 by Dalton Realty Company.

April 25, 2000: Dalton Realty receives a tax assessment notice from the city of Dallas stating that the city now values the land at $510,000 for local tax purposes.

December |2, 2000: The land is sold by Dalton Realty Company to Park Cities Development Company for $515,000. Park Cities pays in cash.

May 22, 2001: Using the land as collateral (meaning that if Park Cities fails to repay its loan, the bank may get ownership of the land), Park Cities borrows $550,000 from North Carolina National Bank.

June 14,2001: Park Cities rents the land to The Crescent Court office complex for six months.The Crescent Court will store construction equipment on the land while making renovations to its office space.

December 31,2001]: Park Cities sells the land to The Crescent Court for $590,000.

Required: When business closes for each day listed below, state (1) which company shows this land in its accounting records as an asset, and (2) at what dollar amount the land is shown in that company’s accounting records.

Date Company showing the land as its asset Dollar amount shown:  lo7 1-4-99 4-25-00 12-12-00 5-22-01 6-14-01 12-31-01