Bramble 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 $56,600 over the year: Land that originally cost $61,300 was exchanged along with a cash payment of $3,500 for another parcel of land with a fair value of $93,600. Additional land was acquired later in the year in a cash purchase.
2.		The Equipment account had a balance of $67,700 at the beginning of the year and $62,100 at the end. The related Accumulated Depreciation account decreased over the same period from a balance of $24,200 to $14,800. Fully depreciated equipment that cost $11,100 was sold during the year for $1,100. In addition, equipment that cost $2,600 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 $34,000, after which the equipment will revert to the lessor. The present value of these lease payments at the 8% rate that is implicit in the lease was $146,612. The first payment was made as agreed. Bramble depreciates equipment using the straight-line method with no residual value.