On November 1, Ellery Corp. purchased land by transferring $50,000 cash and a building to the other company. The building given up had an original cost of $2,000,000, a book value of $400,000, and a fair market value of $900,000.

A) Prepare the journal entry Ellery should make to record the exchange of the building and cash for the land, assuming the exchange has commercial substance.
B) If the above exchange were deemed to have non-commercial substance, by what amount should the “Land” account be debited?