help a-c preparing entries

Holly Limited had the following transactions and events during the year ended December 31, 2018. Click the icon to view the transactions.) Required Prepare the journal entries for Holly to record the above transactions and events, as well as any related year-end adjusting entries. Ignore income taxes. Requirement Prepare the journal entries for Holly to record the above transactions and events, as well as any related year-end adjusting entries. Ignore income taxes. (Record debits first, then credits. Explanations are not required.) a. In December 2018, Lyn, the owner of Holly, paid for a parcel of land along with a warehouse on behalf of Holly, the registered owner of the property, for a total cost of $1,500,000. Lyn also paid a real estate commission of $40,000 and legal fees of $2,000 in connection with this purchase, plus $20,000 for the demolition of the warehouse. Holly will reimburse Lyn for these costs in January 2019 and will begin construction of an office building on this land. Prior to the purchase, the land and warehouse were appraised at $1,400,000 and $100,000, respectively. Prepare the entry to show the December 2018 purchase. Date Accounts Debit Credit Dec 31 2018 b. On December 31, 2018, Holly and Cherry Corp. exchanged equipment. The exchange met the test for commercial substance for accounting purposes. Prepare a compound entry to show the exchange of equipment. Date Accounts Debit Credit Dec 31 2018 c. On October 1, 2018, Holly purchased some land by signing a ten-year non-interest-bearing note payable for $300,000. Holly pays interest at the rate of 15% on other loans and was pleased to get a non-interest-bearing note payable on this deal. (Use a financial calculator and round your final answer to the nearest dollar.) Date Accounts Debit Credit Oct 1 2018 Now prepare the required year-end adjusting entry on the ten-year note payable. (Round to the nearest dollar.) Date Accounts Debit Credit Dec 31 2018 TS a. In December 2018, Lyn, the owner of Holly, paid for a parcel of land along with a warehouse on behalf of Holly, the registered owner of the property, for a total cost of $1,500,000. Lyn also paid a real estate commission of $40,000 and legal fees of $2,000 in connection with this purchase, plus $20,000 for the demolition of the warehouse. Holly will reimburse Lyn for these costs in January 2019 and will begin construction of an office building on this land. Prior to the purchase, the land and warehouse were appraised at $1,400,000 and $100,000, respectively. b. On December 31, 2018, Holly and Cherry Corp. exchanged equipment. The exchange met the test for commercial substance for accounting purposes. Details of the carrying value and fair value of the equipment on the date of the exchange were as follows: Holly's equipment Cherry's equipment Cost $ 400,000 $ 820,000 Accumulated depreciation 150,000 520,000 Fair value 330,000 Not determinable C. On October 1, 2018, Holly purchased some land by signing a ten-year non-interest-bearing note payable for $300,000. Holly pays interest at the rate of 15% on other loans and was pleased to get a non-interest-bearing note payable on this deal