1. A company buys a building for $80,000 and pays cash for it. Please make the journal entry for this.

2. A company buys a building for $80,000. It pays $20,000 in cash and gives the seller a note that says the company owes the seller $60,000. Please make the journal entry for this.

3. A company buys a building for $80,000. It gives the seller 2,000 shares of common stock that have a par value of $5 per share. Please make the journal entry for this.

4. A company spends $500 to repair some broken windows and a building that it owns. Please make the journal entry for this.

5. A company spends $50,000 to renovate a building that it owns so that the building will last longer and use less energy. Please make the journal entry for this.

Please use the following information for problems 6-8:

A company tire company buys a machine for $2,000. The residual value is $240. It is expected to last 8 years and produce 8,800 tires.

6. Compute the depreciation for year 1 using straight line depreciation.

7. Compute the depreciation for year 4 using the units of production method of depreciation if the company produces 1,000 tires in that year.

8. Compute the deprecation for all 8 years using the double declining method of depreciation. Use a table similar to the table I showed you in class. Round off all amounts to the nearest doll