How to journalize entries? Step-by-step working and explanation.

PART B (9 marks) Page On May 1, 2015 DEWS acquires land and a building from HWG LTD for its new head office at a cost of $320,000. The land and the building had appraised values of $100,000 and $300,000, respectively. Additional costs associated with the acquisition included legal fees of $2,000 and property taxes of $3,000. On December 31, 2015, DEWS LTD. also paid $1,500 to repaid the buildings furnace. The building has an expected useful life of 10 years, and DEWS uses straight-line depreciation for its capital assets. Required a) Prepare the journal entries to record: The acquisition of the land and the building on May 1, 2015. (3 marks) 11 . All journal entries related to the land and the building on December 31, 2015. (2 marks) NOTE: DEWS LTD. records land and buildings in separate accounts. On July 1, 2017, DEWS LTD. was offered $400,000 for its land and building and decided to sell them and move to less expensive area. Required Prepare all journal entries required in 2017 relating to the disposal of the land and building. (4 marks)