Question: Problem I: (6 pts) Biltmore Corp. is constructing a building for its use. Construction began on 1/1/19 and lasted throughout all of 2019. The following

Problem I: (6 pts) Biltmore Corp. is constructing a building for its use. Construction began on 1/1/19 and lasted throughout all of 2019. The following expenditures were made related to this project in 2019: Prepare the journal entry Douglas should make to record the exchange of land and cash for the building assuming the exchange has commercial substance Det 5900.000 100.000 Required: Rounding calculations to the nearest whole month and whole dollar, calculate the weighted average expenditures for 2019. Answer: Part B: If the above exchange were deemed to have non-commercial substance, by what amount should the "Building" account be debited? Answers Problem II (9 pts) Part 1: Douglas Inc. has decided to purchase a new building. On May 4, 2019. it purchases the building by transferring $60,000 cash along with land it owns but no longer uses over to the seller. The land has a fair market value of $200,000 and a book value of $140,000

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