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1. 2. 3. The following are transactions related to Crane Limited: The City of Piedmont gives the company five hectares of land as a plant

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1. 2. 3. The following are transactions related to Crane Limited: The City of Piedmont gives the company five hectares of land as a plant site. This land's fair value is determined to be $91.960 Crane issues 12770 common shares in exchange for land and buildings. The property has been appraised at a fair value of $1,629.220, of which $406,970 has been allocated to land, 5886,530 to the structure of the buildings. $219,950 to the building HVAC Cheating, ventilation, air conditioning, and $115,770 to the interior coverings in the buildings (such as flooring).Crane's shares are not listed on any exchange, but a block of 92 shares was sold by a shareholder 12 months ago at $55 per share, and a block of 200 shares was sold by another shareholder 18 months ago at $32 per share. No entry has been made to remove amounts for machinery constructed during the year that were charged to the accounts Inventory, Supplies, and Salaries and Wages Expense and should have been charged to plant asset accounts. The following information relates to the costs of the machinery that was constructed: Construction materials on hand in opening inventory used $22.570 Direct materials used in calibrating the equipment Supplies used Direct labour incurred 55,800 Additional variable overhead lover regular) caused by construction of machinery, excluding supplies used (charged to inventory Fixed overhead rate applied to regular manufacturing operations Lost revenue due to downtime during construction 45,000 Cost of similar machinery it it had been purchased trom outside suppliers 124,700 625 650 8.400 67% of direct labour cost Prepare journal entries on the books of Crane Limited to record these transactions. Assume that Crane Limited prepares financial statements in accordance with IFRS. (Credit account titles are outomatically indented when the amount is entered Do not Indent manually. If na entry is required, select 'No Entry for the account titles and enter for the amounts No. Account Titles and Explanation Debit Credit 1. Land 91,960 Revenue - Government Grants 91.960 2. Land 406,970 Buildings - Structure 886,530 Common Shares No Entry 0 No Entry 0 3. Machinery 109956 Salaries and Wages Expense 55,800 Supplies 22,570 Inventory 31.595

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