Concord Corporation follows a policy of a $10\%$ depreciation charge per year on all machinery and a $5\%$ depreciation charge per year on buildings. The following transactions occurred in $2026$:

March $31,2026-$ Negotiations which began in $2025$ were completed and a building purchased $1/1/17($depreciation has been properly charged through December $31,2025)$ at a cost of $$6,064,000$ with a fair value of $$4,064,000$ was exchanged for a second building which also had a fair value of $$4,064,000.$ The exchange had no commercial substance. Both parcels of land on which the buildings were located were equal in value, and had a fair value equal to book value.

June $30,2026$

Machinery with a cost of $$740,000$ and accumulated depreciation through January $1$ of $$555,000$ was exchanged with $$453,000$ cash for a parcel of land with a fair value of $$699,000.$ The exchange had commercial substance.

Prepare all appropriate journal entries for Concord Corporation for the above dates. $($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 $0$ for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.$)$

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Account Titles and Explanation

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$($To record depreciation.$)$

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$($To record exchange of buildings.$)$

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$($To record depreciation.$)$

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Debit

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