Paltrow Corporation follows a policy of a 10% depreciation charge per year on all machinery

and a 5% depreciation charge per year on buildings. The following transactions occurred in

2019:

5 April 2019 -- Paltrow issued 1,000 shares of its no par common stock in exchange for

the equipment. The market value of the common stock was not

determinable. The equipment could have been purchased for $24,000 in

cash.

31 March 2019 -- Negotiations which began in 2018 were completed and a warehouse

purchased 1/1/2018 (depreciation has been properly charged through

December 31, 2018) at a cost of $3,200,000 with a fair market value of

$2,000,000 was exchanged for a second warehouse which also had a fair

market value of $2,000,000. The exchange had no commercial substance.

Both parcels of land on which the warehouses were located were equal in

value, and had a fair value equal to book value.

30 June 2019 -- Machinery with a cost of $240,000 and accumulated depreciation through

January 1 of $180,000 was exchanged with $150,000 cash for a parcel of

land with a fair market value of $230,000.

1 August 2019 -- Paltrow Company purchased two buildings on four acres of land. The

lump-sum purchase price was $900,000. According to independent

appraisals, the fair values were $450,000 (building A) and $250,000

(building B) for the buildings and $300,000 for the land.

Required

Prepare all appropriate journal entries for Paltrow Corporation for the above dates