PROBLEM #2 (Recommended Time Allocation: 20 Minutes, 11 Marks) Bahrain Corporation follows a policy of a 10% depreciation charge per year on machinery and a 5% depreciation charge per year on buildings. The following additional information is available relating to the year 2020 1. March 31, 2020: A warehouse that Bahrain had purchased on January 1, 2011, for $1.7 million (with a current fair value of $1 million) was exchanged for another warehouse which also had a current fair value of $1 million Depreciation "Was been properly charged from January 1, 2011 through December 31, 2019. Both parcels of land on which the warehouses were located were equal in value and had a fair value equal to book value. 2. June 30, 2020: Machinery with a cost of $120,000 and accumulated depreciation, through December 31, 2019, of $90,000 was exchanged, along with $75,000 cash for a parcel of land with a fair market value of $ 115,000. Instructions Prepare all appropriate journal entries for Bahrain Corporation for the above dates