Part A. (4 marks). Singh Company purchased a $65,000 tract of land for a new manufacturing facility. Singh demolished an old building on the property and sold the materials it salvaged from the demolition. Singh incurred additional costs and realized salvage proceeds as follows: Demolition of old building Routine maintenance (mowing) done on purchase Proceeds from sale of salvaged materials Legal fees Title guarantee insurance Required: 1. What balance should Singh report in the land account? Balance in Land account: $62,000 5,000 22,400 18,000 11,200 2. If any item(s) in the list above are excluded from the land account, indicate the appropriate classifications. Part B. (4 marks) Alpha Inc. exchanged machinery with an appraised value of $ 117,000, a recorded cost of $ 180,000 and accumulated depreciation of $ 90,000, for machinery that Beta Corp. owns. Beta's machinery has an appraised value of $ 114,000, a recorded cost of $ 216,000, and accumulated depreciation of $ 118,800. Beta also gave Alpha $ 3,000 in the exchange. Assume depreciation has been updated to the date of exchange. Instructions Prepare the entry on Alpha's books assuming that the transaction has commercial substance. Debit Credit Part C. (12 marks). An examination of the property, plant and equipment accounts of Niagara Company, disclosed the following transactions: a. On January 1, 2020, a new machine was purchased at a list price of $45,000. The company did not take advantage of a 2% cash discount available upon full payment of the invoice within 30 days. Shipping cost paid by the vendor was $200. Installation cost was $600 and a wall was moved two feet at a cost of $1,100 to make room for the machine. b. On January 1, 2020, the company purchased an automatic counter to be attached to a machine in use; the cost was $700. The estimated useful life of the counter was 7 years, and the estimated life of the machine was 10 years. c. On January 1, 2020, the company bought plant fixtures with a list price of $4,500, paying $1,500 cash and giving a one-year, non-interest-bearing note payable for the balance. The current interest rate for this type of note was 8%. d. During January 2021, the company exchanged the electric motor on the machine in part (a) for a heavier motor and gave up the old motor and $600 cash. The market value of the new motor was $1,250. The parts list showed a $900 cost for the original motor, and it had been depreciated in 2020 (estimated life, 10 years). Required: Prepare the journal entries to record each of the above transactions as of the date of occurrence. Niagara Company uses straight-line depreciation. Transaction a. 1/1/2020) Debit Credit b.(1/1/2020) c.(1/1/2020) d.(1/2021)