On May 1, 2015, ACE acquired land and a building from TWG 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,ACE also paid $1,500 to repair the building's furnace. The building has an expected useful life of 10 years, and ACE uses straight-line depreciation for its capital assets.

 Required 

a) Prepare the journal entries to record:

 i. The acquisition of the land and the building on May 1, 2015 

ii. All journal entries related to the land and the building on December 31, 2015.