BATAM Unit 2, Activity 4 Assignment Selling & Trading of Capital Asset Complete the following journal entries on the general journal page provided. 1. Olympic Company purchased land and a building on January 1, 20for $280 000. The company made an $80 000 cash down payment, and signed a mortgage for the remainder. Management estimated the fair market value of the land was $100 000 and of the building $200 000. Prepare the journal entry to record the acquisition. **Please show your calculations to the side of this journal entry. 2. Basler Company incurs the following costs in purchasing a used truck for cash: price paid $25 000, safety inspection $500, insurance $1000, motor vehicle license $75. 3. On September 12, Campbell Construction trades an automobile with the historical cost of $27 000 and a fair market value of $18 000, for a skyjack. The skyjack belonged to Wanna Be Campbell Construction and had a historical cost of $12 000 and a fair market value of $8 000. a. Record the transaction for Campbell Construction. b. Record the transaction for Wanna Be Campbell Construction. General Journal Partidas Page Credit Debit Date Jan 1 FMV Asset Value Asset Land Building Total 2 3a 3b **Reminder the FMV of the item being traded becomes the value of the item received Sheet1 Sheet2 Sheet3 +