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The following is a schedule of property dispositions for Monty Corp.: The following additional information is available: Land On February 15, land that was being
The following is a schedule of property dispositions for Monty Corp.: The following additional information is available: Land On February 15, land that was being held mainly as an investment was expropriated by the city. On March 31, another parcel of unimproved land to be held as an investment was purchased at a cost of \\( \\$ 34,000 \\). Building On April 2, land and a building were purchased at a total cost of \\( \\$ 72,000 \\), of which \20 was allocated to the building on the corporate books. The real estate was acquired with the intention of demolishing the building, which was done in November. Cash proceeds that were received in November were the net proceeds from the building demolition. Warehouse On June 30 , the warehouse was destroyed by fire. The warehouse had been purchased on January 2, 2020, and accumulated depreciation of \\( \\$ 15,000 \\) had been properly recorded to the date of the fire. On December 27 , the insurance proceeds and other funds were used to purchase a replacement warehouse at a cost of \\( \\$ 86,000 \\). Machine On December 26 , the machine was exchanged for another machine having a fair market value of \\( \\$ 6,000 \\). Cash of \\( \\$ 900 \\) was also received as part of the deal. The transaction has commercial substance. Furniture On August 15, furniture was contributed to a registered charitable organization. No other contributions were made or pledged during the year. (a) Prepare the entries to record the transactions. Assume that Monty follows ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter O for the amounts. Machine Furniture Vehicle
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