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)1 A building acquired at the beginning of the year at a cost of $485,000 has an estimated residual value of $75,000 and an estimated
)1 A building acquired at the beginning of the year at a cost of $485,000 has an estimated residual value of $75,000 and an estimated useful life of 25 years. Determine (a) the depreciable cost, (b) the straight-line rate, and (c) the annual straight-line depreciation. (a) Depreciable cost $ 410000 (b) Straight-line rate (as a percent- enter as a whole number) answer needed.. % (c) Annual straight-line depreciation $ 16400 2.. Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $30,000 and giving a short-term note for $270,000. Legal fees paid were $1,425, delinquent taxes assumed were $12,000, and fees paid to remove an old building from the land were $18,500. Materials salvaged from the demolition of the building were sold for $4,500. A contractor was paid $910,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. $________________ need answer q. 3 ) The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $120 $ 600 Feb. 13 Purchase 65 units at $114 7,410 Oct. 30 Purchase 10 units at $119 1,190 Available for sale 80 units $ 9,200 There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the average cost method. a. First-in, first-out (FIFO) method: $ need answer b. Last-in, first-out (LIFO) method: $ need answer c. Average cost method: $ 2760 thank uu
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