The company entered into two nomnonetary transactions during the year ended December 31, 20x5: a. Exchanged construction equipment held in inventory at a cost of $25,000 in exchange for plumbing services on one of the construction contracts. The plumbing services were contracted to cost $43,000. The equipment would normally sell for $46,000. The bookkeeper wrote the following journal entry to record this transaction: Cost of goods sold construction division 25,000 Inventory 25,000 b. On July 2, 20x5, exchanged 20% (the land was subdivided) of Land 2 for equipment that is to be used in the course of business (Le. not inventory). The fair value of the land was $600,000 and the fair value of the equipment was $620,000 (Equipment 7). The bookkeeper was unsure of how to account for this transaction and did not write a journal entry