Exercise 10-14 (Part Level Submission) Information for Sunland Ltd. follows: 1. On July 6, Sunland acquired the plant assets of Desbury Company, which had discontinued operations. The property was appraised by a reliable, independent valuator on the date of acquisition as follows: Land Building-structure 1,772,000 Building-HVAC Machinery Total 518,000 179,000 741,000 $3,210,000 Sunland gave 18,000 of its common shares in exchange. The most recent sale of Sunland's common shares took place last month, when 7,700 shares were sold for $185 per share. 2. Sunland had the following cash expenses between July 6 and December 15, the date when it first occupied the building: Renovations and refurbishments of building Construction of bases for machinery to be installed later $105,000 133,000 128,000 Driveways and parking lots Remodelling of office space in building, including new partitions and walls 65,100 Special assessment by city on land 16,900 On December 20, Sunland purchased machinery for $260,000, subject to a 4% cash discount, and paid freight on the machinery of $17,900. The machine was dropped while being placed in position, which resulted in paying the supplier for repairs costing $18,300. The company paid the supplier within the discount period, and records purchases of machinery using the net method. (a) Prepare the entries for these transactions on the books of Sunland Ltd. Sunland prepares financial statements in accordance with IFRS. (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.) No. Account Titles and Explanation Debit Credit 2. (To record purchase of property)