A. Seafood Entity (SE) exchanged a shrimp boat with a carrying value of $30,000 ($50,000 cost less accumulated depreciation of $20,000) for a shrimp processor with a fair market value of $25,000. The fair value of the shrimp boat is not readily determinable. Give the entry to record the exchange of assets.

B. Retail Entry (RE) just acquired land and a building for a single sum of $400,000. An independent appraisal determined the fair values of the assets (if purchased separately) at $300,000 for the land, $200,000 for the building. Prepare the journal entry to record the purchase of the land and building.

C. At the end of 20X3, Tahrir Entity (TE) is revaluing to fair value a piece of equipment with a carrying value of $10,000 (original cost of $15,000 less accumulated depreciation of $5,000). TE determines that the fair value of the equipment as of December 31, 20X3 is $12,000. Give the journal entries to record the revaluation under both methods of accounting for accumulated depreciation.

D. On June 1, 20X4, management of Tiki Entity (TE) decides to sell its torch-making machine for $50,000. The carrying amount of the machine as of June 1 is $70,000 (original cost of $100,000 less accumulated depreciation of $30,000). Give the journal entry required to record the sale of the machine.

E. On January 1, 20X1, Mighty Entity pays the fair value of $50,000 for a new piece of machinery with an estimated useful life of 8 years. The machine has a drum that must be replaced every four years and costs $20,000 to replace. Continued operation of the machine requires an inspection every four years after purchase and the inspection cost is $4,000. Under IFRS, what is the depreciation expense for year 2?