1. An entity purchased land as factory sites for 700.000. The entity paid 60.000 to tear down the buildings on the land. Salvage was sold for 5400, legal fees of 3480 were paid for tittle investigation and making the purchase. Architects fees were 31.200. Tittle insurance cost 2.400 and liability insurance during construction cost 2.600. Excavation cost 10.440. The contractor was paid 3.200.000. An assessment made by the city for pavement was 6.400. Interest cost during construction were 170.000. The cost of the land that should be recorded by the entity is.

2. Company A and Company B have an exchange with no commercial substance. The asset given up by company A has a book value of $12.000 and a fair value of $15.000. The asset given up by company B has a book value of $20.000 and a fair value of $19.000. Boot of $4.000 is received by Company B. What amount shoul company B record for the asset received?

for number 2. and the journal entry made by the company b to record the exchange