MooreCorporationfollowsapolicyofa10%depreciationchargeperyearonall machineryanda5%depreciationchargeperyearonbuildings.Thefollowingtransactionsoccurredin2013:

March31,2013 -Negotiationswhichbeganin2012werecompletedandabuildingpurchased1/1/04(depreciationhasbeenproperlychargedthroughDecember31,2012)atacostof$4,800,000witha fairvalueof

$3,000,000wasexchangedforasecondbuildingwhichalsohadafairvalueof$3,000,000.Theexchangehadnocommercialsubstance.Bothparcelsoflandonwhichthebuildingswerelocatedwereequalinvalue,andtheyhada fairvalueequaltobookvalue.

June30,2013-Machinerywithacostof $480,000andaccumulateddepreciationthroughJanuary1of$360,000wasexchangedwith$300,000cashforaparceloflandwithafairvalueof$460,000.

Instructions

PrepareallappropriatejournalentriesforMooreCorporationfortheabovedates.