1) Barbarino Corporation purchased land and a building for $800,000. An appraisal indicates that the land's market value is $400,000 and the building's market value is $600,000. Record the journal entry to record the purchase of the land and building by Barbarino. Account Name Debit Credit 2) On January 2, 2019, Konrad Corporation acquired equipment for $300,000. The estimated life of the equipment is 5 years. The estimated residual value is $20,000. If Konrad Corporation uses the straight-line method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2019? Depreciation expense = (cost - residual value)/useful life 3) On January 2, 2019, Konrad Corporation acquired equipment for $300,000. The estimated life of the equipment is 40,000 hours. The estimated residual value is $20,000. If Konrad Corporation uses the units-of-production method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2019, assuming that during this period, the asset was used 9,000 hours? Depreciation expense = [(cost - residual value)/estimated total hours) * actual hours 4) On January 2, 2019, Konrad Corporation acquired equipment for $300,000. The estimated life of the equipment is 5 years. The estimated residual value is $20,000. If Konrad Corporation uses the double-declining-balance method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2019? Depreciation expense = [(cost-beginning accumulated depreciation balance)/useful life] * 2