Question: i need help show your work II . (16 points) Santos Corporatio n had the following two exchanges of property, plant, and equipment during 2023

i need help show your work

II. (16 points) Santos Corporation had the following two exchanges of property, plant, and equipment during 2023:

Assets Given Assets Received

a. Land Cost $1,000,000 Land Fair Value $1,000,000

Fair value $1,000,000

Building Cost $4,800,000 Building Fair Value $3,000,000

Accumulated depreciation $2,160,000

Fair value $3,000,000

Transaction a lacks commercial substance.

b. Equipment Cost $540,000 Land Fair Value $520,000

Accumulated depreciation $460,000

Fair value ?

Cash $340,000

Transaction b has commercial substance.

Requirement:

Prepare the journal entries to record the two exchanges.

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