Minor Baseball Company had a player contract with Doe that was recorded in its accounting records at $145,000. Better Baseball Company had a player contract with Smith that was recorded in its accounting records at $140,000. Minor traded Doe to Better for Smith by exchanging each player's contract. The fair value of each contract was $150,000. Required: What amounts should each company show in its accounting records for the exchange of player contracts? Minor will value Smith's contract at $ Minor will report a gain of and Doe will report a gain of Better will value Doe's contract at Interest During Construction Matrix Inc. borrowed $1,100,000 at 8% to finance the construction of a new building for its own use. Construction began on January 1, 2016, and was completed on October 31, 2016. Expenditures related to this building were January 1 $258,000 (includes cost of purchasing land of $150,000) May1 310,000 July1 420,000 October 31 275,000 In addition, Matrix had additional de t unrelated to the construction of S500,000 at 9% and $800,000 at 109 All debt was outstanding fr the entire year. Required: 1. Compute the amount of interest capitalized related to the construction of the building 2. If the expenditures are assumed to have been incurred evenly throughout the year: Compute weighted average accumulated expenditures Compute the amount of interest capitalized on the building