Property. Plant, and Equipment $-12$ pointsCase A:Jones Corporation purchased some land, buildings, and machinery, for a total cash price of $$306,000.$ At the date of the purchase there items were being carried on the books of the seller as follows: land, $$90,000$; building, $$240,000,$ and machinery, $$120,000.$ Jast prior $10$ the purchase, Jones Corporation had employed a valuation specialist to appraise the assets. The appraisal determined the following values land, $$75,000$; building, $$87,000,$ and machinery, $$183,000.$Case B:Marshall Company exchanges a machine that cost $$100,000$ and has accumulated depreciation of $$64,000$ for a similar machine.Marshall also receives $$750$ in the exchange. The fair market value of the old asset is $$18,750.$ The fair market value of the new asset is $$18,000.$ There is commercial substance to the transaction.Required:For each case, provide the journal entry for the transaction $($i$.$e$.,$ purchase or exchange$).$ Clearly identify the individual assets acquired or exchanged in the journal entry titles $($e$.$g$.,$ PPE $-$ machine, PPE$-$ building, PPE $-$ new asset, etc.$)(6$ points each case$)$