Santos Corporation had the following two exchanges of property, plant, and equipment during 2023

Santos Corporation had the following two exchanges of property, plant, and equipment during 2023: a. Land Building Assets Given Cost Fair value Cost Accumulated depreciation $2, 160,000 Fair value Assets Received Land FairValue Building Fair Transaction "a" lacks commercial substance. $540,000 b. Equipment Cost Accumulated depreciation $460,000 Fair value 2 $340,000 Cash Transaction "b" has commercial substance. Requirement: Land Fair Value $520,000 Prepare the journal entries to record the two exchanges.