Problem 1 Eli Company purchased assets of Whitney Inc. at auction for $1,560,000. An independent appraisal of the market value of the assets acquired is listed below: Land Building Equipment Inventories $171,600 514,800 600,600 429,000 Requirement: Determine the value that Eli should assign to each asset. Show Calculations Here Land Building Equipment Inventories Problem 2 Doggery Doge, Inc. exchanged equipment for a building. The book value and fair value of the equipment were $200,000 and $215,000, respectively. The original cost of the equipment was $750,000. Doggery Doge received $13,000 in cash in the exchange. Assume the exchange has commercial substance. Requirements: A. How much gain or loss will the company recognize on the exchange? B. What is the value that Doggery Doge should record for the building? C. Record the journal entry Doggery Doge would make to recognize the exchange. A Gain or Loss (enter here) Show Calculations Here Il B Value of Building (enter here) C Journal Entry