Current Attempt in Progress Flint Corporation, a private enterprise, made the following purchases related to its property, plant, and equipment during its fiscal year ended December 31, 2020. The company uses the straight-line method of depreciation for all its capital assets. 1. 2. In early January, Flint issued 139,670 common shares in exchange for property consisting of land and a warehouse. On the date of acquisition, a reliable, independent appraiser estimated that the fair value of the land and warehouse was $599,830 and $299,590, respectively. The seller had advertised a price of $859,910 or best offer for the land and warehouse in a commercial retail magazine. Flint paid a local real estate broker a finder's fee of $34,600. The most recent sale of Flint's shares took place a month prior when 15,000 common shares were sold for $8 per share. On March 31, the company acquired equipment on credit. The terms were a $6,850 cash down payment plus payments of $4,530 on March 31 for each of the next 2 years. The implicit interest rate was 8%. The equipment's list price was $16,650. Additional costs that were incurred to install the equipment included $640 to tear down and replace a wall and $1,490 to rearrange existing equipment to make room for the new equipment. An additional $600 was spent to repair the equipment after it was dropped during installation. During the year, the following events also occurred: 3. A new motor was purchased for $50,000 for a large grinding machine (original cost of the machine, $349,790; accumulated depreciation at the replacement date, $99,670). The motor will not improve the quality or quantity of production; however, it will extend the grinding machine's useful life from the current 7 years to 9 years. (Ignore the IFRS requirement to estimate and remove the cost of the old motor.) The company purchased a small building in a nearby town for $121.990 to use as a display and colos location. The municipal