Information for Cullumber Ltd. follows: 1. On July 6, Cullumber 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 $ 517,000 Building-structure 1,805,000 Building-HVAC 180,000 Machinery 708,000 Total $ 3,210,000 Cullumber gave 18,000 of its common shares in exchange. The most recent sale of Cullumber's common shares took place last month, when 7,500 shares were sold for $185 per share. 2. Cullumber had the following cash expenses between July 6 and December 15. the date when it first occupied the building: Renovations and refurbishments of building $ 110,000 Construction of bases for machinery to be installed later 138,000 121,000 Driveways and parking lots Remodelling of office space in building, including new partitions and walls 69,600 Special assessment by city on land 21.700 On December 20. Cullumber purchased machinery for $262,000, subject to a 4% cash discount, and paid freight on the machinery of $17,600. The machine was dropped while being placed in position, which resulted in paying the supplier for repairs costing $12,700. The company paid the supplier on the day that the machinery was received, and recorded the purchase of machinery net of any discount. Prepare the entries for these transactions on the books of Cullumber Ltd. Cullumber 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 for the amounts.) No. Account Titles and Explanation Debit Credit 1. Land 517000 Buildings - Structure 1805000 Buildings - HVAC > 180000 Machinery