Wild Expansion Co. acquired the following assets in exchange for various nonmonetary assets.

Instructions: Prepare the journal entries required on Wild Expansions Co.'s books to record the exchanges

2015 Mar. 15 Acquired from another company alarge lathe in exchange for threesmall lathes.The small lathes had a total cost of $28,000 and a remaining book value of $15,000. The new lathe had a market value of $23,000, approximately the same value as the three small lathes. This transaction is deemed NOT to have commercial substance. June 1 Acquired 175 acres of land by issuing 3200 shares of common stock with par value of $1 and market value of $75. Market analysis reveals that the market value of the stock was a reasonable value for the land July 15 Acquired a used piece of heavy,earth-moving equipment, market value, $120,000, by exchanging a used molding machine with a market value of $20,000 (book value, $12,000 cost, $50,000) and land with a market value of $135,000 (cost, $110,000). Cash of $35,000 was received by Wild Expansion Co. as part of the transaction Aug. 15 Acquired a patent, franchise, and copyright for two used m ng machines The book value of each milling machine was $4,000, and each originally cost $8,500. The market value of each machine is $9,000. It is estimated that the patent and franchise have about the same market values, and the market value of the copyright is 50% of the market value of the patent. Nov. 1 Acquired a new packaging machine for four old packaging machines. The old machines had a total cost of $72,000 and a total remaining book value of $20,000. The new packaging machine has an indicated market value of $60,000, approximately the same value as the four machines This transaction is deemed to have commercial substance