15. On January 2, 2020, Raid Delivery Company traded in an old delivery truck for a newer model. The exchange lacked commercial substance. Data relative to the old and new trucks follow:

Old Truck

Original cost $45,000

Accumulated depreciation as of January 2, 2020 30,000

New Truck

List price $75,000

The FV of old Truck 14,000

Cash to be paid 56,000

What is the journal entry for the trade?

16. On December 1, 2020, Huda Co. purchased a tract of land as a factory site for $780,000. The old building on the property was razed, and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds realized during December 2020 were as follows:

Cost to raze old building $70,000

Legal fees for purchase contract and to record ownership 10,000

Title guarantee insurance 17,000

Proceeds from sale of salvaged materials 8,000

In Huda's December 31, 2020 balance sheet, what amount should be reported as land?