12. Charles, Inc. paid $800,000 for property which included land, a building, and a parking garage. If the appraised values at the time of purchase are: Land $80,000; building $500,000; parking structure $160,000, how much should be included in the journal entry to record the cost of the cost of the building (rounded to the nearest dollar)? $900,000 $608, 108 c) $540,541 $500,000 $266,667 b) 13 JC & Company purchased a tractor for $55,000 cash and exchanged (traded in their old tractor with an original cost of $50,000 and accumulated depreciation of $40,000 The sales price of the new tractor is $75,000. Assuming the transaction does not have commercial substance, what is the amount to be included for the new tractor in the ledger? a) $65,000 $70,000 $50,000 $75,000 e) Need more information to compute the amount. b) c)