Problem 2.Pirena company had the following acquisitions of property during the year essential for its company operations. You are being hired to assist the bookkeeper in the recording of the transactions as they are new in the business industry they have chose to expand with. a. Pirena acquired land to be used as their office site by issuing 15,000 shares with par value of 50. The fair value of the land is 1,000,000 and the shares are quoted at 95. b. Pirena company acquired a building as manufacturing plant through the issuance of bonds having a face value of 2,000,000. At the time of acquisition, building had fair value of 2,400,000 and the bonds are quoted at 116. c. Pirena company has an investment with carrying amount of 250,000. It is exchanged for an equipment with a fair value of 275,000. At the time of exchange, the investment has a fair value of 265,000. d. Pirena and Ibrahim company are fuel oil distributors. To facilitate the delivery of oil to their customers, Pirena and Ibrahim exchanged ownership of 1,080 barrels of oil without physically moving the oil. Pirena Company paid Ibrahim Company 270,000 to compensate for a difference in the grade of oil. The configuration of cash flows from the asset received is not expected to be significantly different from the configuration of the cash flows of the asset exchanged