The City of Piedmont gives the company five hectares of land as a plant site. This lands fair value is determined to be $91,910. 2. Sunland issues 12,600 common shares in exchange for land and buildings. The property has been appraised at a fair value of $1,629,140, of which $406,750 has been allocated to land, $886,870 to the structure of the buildings, $219,630 to the building HVAC (heating, ventilation, air conditioning), and $115,890 to the interior coverings in the buildings (such as flooring). Sunlands shares are not listed on any exchange, but a block of 91 shares was sold by a shareholder 12 months ago at $55 per share, and a block of 200 shares was sold by another shareholder 18 months ago at $32 per share. 3. No entry has been made to remove amounts for machinery constructed during the year that were charged to the accounts Inventory, Supplies, and Salaries and Wages Expense and should have been charged to plant asset accounts. The following information relates to the costs of the machinery that was constructed: Construction materials on hand in opening inventory used $22,710 Direct materials used in calibrating the equipment 275 Supplies used 630 Direct labour incurred 55,900 Additional variable overhead (over regular) caused by construction of machinery, excluding supplies used (charged to Inventory) 8,650 Fixed overhead rate applied to regular manufacturing operations 67% of direct labour cost Lost revenue due to downtime during construction 45,000 Cost of similar machinery if it had been purchased from outside suppliers 124,990 Prepare journal entries on the books of Sunland Limited to record these transactions. Assume that Sunland Limited prepares financial statements in accordance with IFRS.