Instructions The following account balances were included in Bromley Company's balance sheet on December 31, 2015 Land $100,000 stre 20,000 Land improvements Buildings Machinery and Equipment 300,000 500,000 During 2016, the following transactions occurred: Land was acquired for $70,000 for a future building site Commissions of S4,000 were paid to a real estate agent Feb. 1 A factory and land were acquired from Kont Development Company by issuing 20,000 shares of $a par Jan 1 Instructions Jan. 1 Feb. 1 Land was acquired for $70,000 for a future building site. Commissions of $4,000 were paid to a real estate agent. A factory and land were acquired from Kent Development Company by issuing 20,000 shares of $3 par common stock. At that time, the stock was selling for $10 per share on the New York Stock Exchange. The independently appraised values of the land and the factory were $60,000 and $180,000. respectively, Equipment was poquired at a cost of $120,000. In addition, sales tax, freight costs, and installation costs were $7,000, $10,000 and $18,000, respectively. During installation, the equipment was damaged, and $2,000 was spent for repairs. A new parking lot was installed at a cost of $30,000 Hall the land purchased in Item 1 was prepared as a building site. Costs of $25,000 were incurred to clear the land, and the timber recovered was sold for $3,000. A new building was built for $60,000. Mar. 1 Apr. 1 Aug. 1 Instructions Sept. 1 clear the land, and the timber recovered was sold for $3,000. A new building was built for $60,000. Architect's foes relating to construction were $18,000, and imputed interest on equity funds used during construction was $15,000. No debt is outstanding, Costs of $20,000 were incurred to improve some leased office space. The lease will terminate in 2018 and is not expected to be renewed. A group of new machines was purchased under a royalty agreement that provides for payment of annual royalties based on units produced. The invoice price of the machines was $30,000 and freight costs were $2,010 Royalty payments on the new machines for 2016 totalled $12,000. Oct. 1 Dec. 31 Required: Prepare journal entries to record all the preceding events. Unless otherwise indicated, assume the company makes all payments in cash