Problem II: (11 points) Part A: On March 28, George Corp. purchased land by transferring $300,000 in eash and an oid machine to Marta Ine. The machine given up had an original cost of $1,000,000, a book value of $400,000, and a fair market value of $500,000. Prepare the journal entry George Corp. should make to record the exchange of the machine and cash for the land, assuming the exchange has commercial substance. ( 10 points) Part B: If the above exchange were deemed to have non-commercial substance, by what amount should the "Land" account be debited? (1 point) Answer: $