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Case (1) Moore Corporation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings. The following transactions occurred in 2011: March 31, 2011--Negotiations which began in 2010 were completed and a warehouse purchased 1/1/02 (depreciation has been properly charged through December 31, 2010) at a cost of $3,200,000 with a fair market value of $2,000,000 was exchanged for a second warchouse which also had a fair market value of $2,000,000. The exchange had no commercial substance. Both parcels of land on which the warehouses were located were equal in value, and had a fair value equal to book value. June 30, 2011-Machinery with a cost of $240,000 and accumulated depreciation through January 1 of $180,000 was exchanged with $150,000 cash for a parcel of land with a fair market value of $230,000, Instructions: Prepare all appropriate journal entries for Moore Corporation for the above dates. Answer 1) Acc Dep Warehouse Cost of asset Rate of Dep period =3200 000 5% 9 % years= $ 1480 000 2) Book value of asset= cost of asset - Acc Dep wharehouse =3200 000 - 1480 000 1720 000 Date Des Dr 31/3/2011 Acc Dep warehouse old) 1480 000 Warehouse(New) 1720 000 Warehouse (old) Second: Machinery: 1)Dep Machinery=Cost of asset Rate of Dep* Period =240000 10% 6/12 = 12000 Date 30/6/2011 Dep expense - Machinery 12000 Acc Dep - Machinery 1) Acc Depc=180 000+ 12000-192 000 2) Book value=240000-192000=48000 3) Gain exchange Fair value of land Book value of machinery+payment cash) 230 000 - (48000+150 000) 32000 Date 30/6/2011 Acc Dep Machanyold) 192000 land (New) 230000 Machinery 240 000 Cash 150000 Cr 3200 000 Des Dr Cr 12000 Des Dr Cr Gain exchange 32000 Rahar Corporation follows a policy of a 10% depreciation charge per year on all machinery, and.599 depreciation charge per year on building. The following transactions occurred in 2021 June 30, 2021-Negotiations which began in 2020 were completed and a warehouse purchased 1/1/02 (depreciation has been properly charged through December 31, 2020 at a cost of $1,600.000 with a fair market value of $1,000,000 was exchanged for a second warehouse which also had a fair market value of $1,000,000. The exchange had no commercial substance. Both parcels of land on which the warehouses were located were equal in value, and had a fair value equal to book value. September 30, 2011-Machinery with a cost of $120,000 and accumulated depreciation through January 1 of $90,000 was exchanged with $75,000 cash for a parcel of land with a fair market value of $230,000. Instructions: Prepare all appropriate journal entries for Rahaf Corporation for the above dates