1. A company paid $326,000 for property that included land, land improvements, and a building. The land was appraised at $175,000, the land improvements were appraised at $70,000, and the building was appraised at $105.000. What is the allocation of property costs to the three assets purchased and what is the journal entry to record this transaction? 2. A company sold a machine that originally cost $250,000 (Basis) for $120,000 (Proceeds) when Accumulated Depreciation on the machine was $100,000. What is the gain or loss recognized (recorded) on the sale of this machine and what is the journal entry to record this transaction