4. February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $102,000. The dilapidated building that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2018. Costs incurred during this period were:

Item	Amount
Demolition dilapidated building	$2,200
Architect Fees	$11,250
Legal Fees - for title search	$1,850
Interest During Active Construction Period	$5,025
Real estate transfer tax	$1,350
Construction Costs	$605,000

Using this information, how much should be recorded as the cost of the land?

5. On January 1, 2017, Frostburg Company purchased for $68,500, equipment having a service life of six years and an estimated residual value of $4,000. Frostburg has recorded depreciation of the equipment using the straight-line method. On December 31, 2019, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $35,000. The transaction has commercial substance. Use this information to prepare all General Journal entries (without explanation) required to record the events for December 31, 2019.