Summer Today Bhd is a construction company in Malaysia that incorporated in 2005. During the year 2019, the following transactions occurred. In March 2016, the company acquired a piece of land with a building for RM 650,000. The land is valued by RM 450,000 and the building value was RM 200,000. Shor-time after the acquisition, the company demolished the building at a cost of RM 48,000. The details of the new building that was constructed and the expenditures were as follows: RM Proceed from the sale of old building 58,000 Clearing land cost 37,500 Fees for Excavation 52,300 Fees for Architectural design 77,990 Fees for Building permit 4,600 Construction costs 480,400 Workers wage for Temporary house 29,000 Parking lots, streets and side walks 36,700 Costs of Fences around the building 53,000 General expenses *219,000 Trees and other landscaping (permanent in nature) 35,000 General expenses included CEO salary amounting to RM 160,000, 6-month superintendent salary guarding the construction site totalling RM25,000 and advertising expenses related to shop lots in the building of RM34,000. April 2019 The company acquired a specialized machine and an equipment at the price of RM90,000. The market value of the machine and the equipment is RM88,750 and RM11,250 respectively. To acquire these assets, Summer Today company issued 37,000 ordinary shares. The market price of the shares is RM2.50 per share. Other costs paid related to the machine were as follows. Installation cost Safety inspection cost prior to use Employee training cost for the machine RM 18.000 9,000 10,000 June 2019 Summer Today company acquired a new crane that has a list price of RM260,000 in exchange for an old crane which company purchased on 1 July 2012 for RM201,000. It was estimated that the old crane has a useful life of 10 years and a residual value of RM15,000. Summer Today company uses straight line depreciation method and depreciation expense until June 2019 has been recorded. Based on current survey from second hand market the fair value of the old crane is RM76,000. Summer Today company Bhd need to pay RM154,000 in cash for this exchange (Assume that the exchange has commercial substance). REQUIRED: (a) Determine the cost of (i) Land (ii) Building (iii) Land improvement (if any) (10 Marks) (b) Calculate the cost of specialized machine and equipment purchased in April 2019 and prepare the journal entries. (5 Marks) (c) Prepare the journal entries to record the acquisition of new crane in June 2019