Calgarys Sporting Goods Inc. has been experiencing growth in the demand for its products over the last several years. As a result, a European sports retailing consortium entered into an agreement with Calgarys Roundball Division to purchase an increasing number of basketballs and other accessories over the next five years. To meet the quantity commitments of this agreement, Calgary had to increase its manufacturing capacity. A real estate firm found an available factory close to Calgary's Roundball manufacturing facility, and Calgary agreed to purchase the factory and used machinery from Athletic Equipment Company on October 1, 2019. Renovations were needed to convert the factory for Calgarys manufacturing use. The terms of the agreement required Calgary to pay Athletic Company $60,000 when renovations started on January 1, 2020, with the balance to be paid as renovations were completed. The overall purchase price for the factory and machinery was $450,000. The building renovations were contracted to Malone Construction at $112,500. The payments made as renovations progressed during 2020 are shown below. The factory began operating on January 1, 2021.

		Jan. 1		Apr. 1		Oct. 1		Dec. 31
Athletic		$60,000		$120,000		$140,000		$130,000
Malone				30,000		30,000		52,500

On January 1, 2020, Calgary secured a $562,500 line of credit with a 12% interest rate to finance the purchase cost of the factory and machinery and the renovation costs. Calgary drew down on the line of credit to meet the payment schedule shown above; this was Calgarys only outstanding loan during 2020. Bob Sprague, Calgarys controller, will capitalize the maximum allowable interest costs for this project, which he has calculated to be $20,000. Calgarys policy regarding purchases of this nature is to use the lands appraisal value for book purposes and pro-rate the balance of the purchase price over the remaining items. The factory had originally cost Athletic $350,000 and had a carrying amount of $50,000, while the machinery originally cost $137,500 and had a carrying amount of $40,000 on the date of sale. The land was recorded on Athletics books at $40,000. An appraisal, conducted by independent appraisers at the time of acquisition, valued the land at $310,000, the factory at $126,000, and the machinery at $54,000. Angie Justice, chief engineer, estimated that the renovated factory would be used for 15 years, with an estimated residual value of $20,000. Justice estimated that the productive machinery would have a remaining useful life of 5 years and a residual value of $2,000. Calgarys depreciation policy specifies the 200% declining-balance method for machinery and the 150% declining-balance method for the factory. Half a years depreciation is taken in the year the factory is placed in service and half a years depreciation is allowed when the property is disposed of or retired.

(a)

Determine the amounts to be recorded on the books of Calgary Sporting Goods Inc. as at December 31, 2020, for each of the following assets acquired from Athletic Equipment Company: (1) land, (2) factory, and (3) machinery.