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The following transactions occurred in 2028 for Mulan Corp:
March 31,2028 The final documents were signed on a trade agreement in which Mulan traded an office building that no longer met his needs for an office building that did meet the company's needs. The original office building was purchased 1/1/19, at a cost of $9,600,000 (current fair value is $6,000,000. Depreciation has been properly recorded through December 31,2027. The new building has a fair value of $6,000,000. The exchange had no commercial substance. Both parcels of land on which the buildings were located were equal in value,and had a fair value equal to book value.
Note: Mulan record depreciation once yearly, on December 31st and depreciates machinery at 10% per year and buildings at 5% per year.
Question 1: The amount that would be recorded on 3/31/28 for new building is-------------?
Question 2: The amount that would be removed on 3/31/28 from the accumulated depreciation account associated with the old building is
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