Selected accounts included in the property, plant, and equipment section of Flip Corporation's balance sheet at December 31, 2014, had the following balances:

Land

$ 400,000

Land improvements

130,000

Buildings

2,000,000

Machinery and equipment

800,000

During 2015, the following transactions occurred:

a. On January 31 a tract of land was acquired for $220,000 as a potential future building site from Flop Corp.

b. On March 1 a plant facility consisting of land and building was acquired from Flim Company in exchange for 20,000 shares of Flip's common stock. On the acquisition date, Flip's stock had a closing market price of $45 per share on a national stock exchange. The plant facility was carried on Flim's books at $178,000 for land and $520,000 for the building at the exchange date. Current appraised values for the land and the building, respectively, are $200,000 and $800,000. The building has an expected life of forty years with a $20,000 salvage value.

c. One June 1 machinery and equipment were purchased from Guess Who Equipment at a total cost of $400,000. Additional costs were incurred as follows: freight and unloading, $13,000; installation, $26,000. The equipment has a useful life of ten years with no salvage value.

d. On August 1 expenditures totaling $ 120,000 were made for new parking lots, street, and sidewalks at the corporation's various plant locations. These expenditures had an estimated useful life of fifteen years.

e. On September 1 research and development costs of $110,000 were paid for the year.

Flip uses the double-declining balance method of depreciation for all office equipment, fixtures and machinery. Additionally, Flip uses the straight-line method of depreciation for all other fixed assets that require depreciation or amortization.

Required:

Provide the capitalized cost & depreciation or amortization for each asset acquired during 2015. Prepare the General Journal entries for any amortization and depreciation expense recorded for each of the acquired items in 2015. If no entry is necessary, write "no entry."

	Capitalized Cost	Depreciation/Amortization Expense for 2015
Land acquired from Flopper Corp.
Land acquired from Flimsy
Building acquired from Flimsy
Machinery and equipment acquired from Guess Who Equipment
Land improvements
Research and development