Blue Mills Limited follows IFRS, has a calendar year end, and adopted the policy of classifying interest paid as financing activities. It engaged in the following transactions in 2020. 1. The Land account increased by $58,300 over the year: Land that originally cost $61,100 was exchanged along with a cash payment of $3,700 for another parcel of land with a fair value of $93,900. Additional land was acquired later in the year in a cash purchase. 2. The Equipment account had a balance of $67,900 at the beginning of the year and $63,100 at the end. The related Accumulated Depreciation account decreased over the same period from a balance of $24,800 to $16,700. Fully depreciated equipment that cost $10,400 was sold during the year for $1,400. In addition, equipment that cost $2,500 and had a carrying amount of $400 was discarded, and new equipment was acquired and paid for. 3. A five-year right-of-use lease for specialized equipment was entered into on July 2, 2020. Under the terms of the lease, the company agreed to make five annual payments (in advance) of $31,000, after which the equipment will revert to the lessor. The present value of these lease payments at the 9% rate that is implicit in the lease was $131,431. The first payment was made as agreed. Blue depreciates equipment using the straight-line method with no residual value. For each transaction listed above, prepare the underlying journal entries that were made by Blue Mills during 2020 to record all information related to the changes in each capital asset account and related accounts over the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to O decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit 1 (To record exchange land) (To record acquisition of land) 2. (To record sale of equipment) (To record disposal equipment) (To record purchase of equipment) (To record depreciation expenses) 3. (To record right-of-use asset and lease liability) (To record lease payment) (To record interest expense) (To record depreciation expenses)