2. Aviator Inc. exchanged machinery with an appraised value of $1,130,000, a recorded cost of $1,7500,000 and accumulated depreciation of $925,000, for machinery that Space Corp. owns. Space's machinery has an appraised value of $1,120,000, a recorded cost of $2,150,000, and accumulated depreciation of $1,178,000. Space also gave Aviator $34,000 in the exchange. Assume depreciation has been updated to the date of exchange. Instructions a) Prepare the entries for Aviator assuming that the transaction does not have commercial substance. On January 1,2020, ABC Company acquires a building at a cost of $690;000. The building is expected to have a 30 year life and no residual value. The asset is accounted for under the revaluation model using asset reductions and revaluations are carried out every two years. On December 31,2021 , the fair value of the building is appraised at $680,000, and on December 31,2023 , its fair value is $590,000. Instructions (Round to the nearest dollar in all calculations.) (a) Prenare the entrul iec) remired on December 31.2020. (b) Prepare the entry( ies) required on December 31, 2021. c) Prepare the entry( ies) required on December 31, 2022. (d) Prenare the entrv( ies) reauired on December 31.2023