Part $3(26$ marks$)$

$1.$ The company had the following transactions or events during the year:

$(1)$ The company paid $$150,000$ to exchange the old equipment for the new equipment. The cost and accumulated depreciation of the old equipment were $$560,000$ and $$210,000,$ respectively. The fair value of the old equipment was $$300,000,$ while the fair value of the new equipment was $$550,000.$ This exchange had commercial substance.

$(2)$ The old machinery with the original cost of $$6,000$ and accumulated depreciation of $$5,500$ was exchanged for the new machinery. The company paid $$4,000$ for the new machinery. This exchange did not have commercial substance.

$(3)$ The company adopted IFRS and purchased the equipment on September $1.$ The equipment will be dismantled, and the estimated site restoration costs of $$60,000$ will be paid after $15$ years. The current discount rate is $6\%.$ The company recorded accrued interest on this asset retirement liability on December $31.($P$/$F$,6\%,15)=0\mathrm{.}41727,$ i$.$e$.,$ the present value of $$1$ at the discount rate of $6\%$ for $15$ periods $($Note: round to the nearest dollar$).$

$(4)$ The company paid $$900,000$ for a lump sum purchase of building and equipment. The fair values of building and equipment are $$800,000$ and $$200,000,$ respectively. The total purchase cost is allocated between building and equipment based on their relative fair values.

Required $(16$ marks$)$:

Prepare journal entries to record the above transactions or events.