Problem 2 Each of the following situations is independent of each other Sally Corporation exchanged a building for a special purpose piece of equipment. The building had cost Sally $140,000; the book value at the time of the exchange was $60,000. The equipment could have been purchased for $90,000 cash; the fair market value of the building is $100,000. Circa Basketball Company had a player contract with Jane that was recorded in its accounting records at $141,000. Finn Basketball Company had a player contract with Smith that was recorded in its accounting records at $145,000. Minor traded Jane to Finn for Smith by an exchange of contracts. The estimated fair market value of each contract was $180,000. The Garry Electrical Company exchanged a Model Z1000 Generator for a Model H45 Generator with DEF Electrical, both inventory items. The cost of the Z1000 on Garry's books was $4,500 and normally retails for $6,300. d) Ane An entity exchanges goods costing $4,500 with a retail value of $6,000 for accounting services worth $6,500. Required - For each of the above, write the journal entry to record the transaction. Assume that all entities above use IFRS. For part (b), write the journal entry for Circa Basketball Company only