1 Company A purchases land on January 1, 2021 for $ 40,000 with a note payable. Other cost includes $ 2500 in delinquent property taxes, in transfer taxes and a $ 1500 survey fee. General Journal Page Date Account Titles and Explanation Debit Credit 2 The company depreciation for this year on equipment is $ 5000. General Journal Page Credit Date Account Titles and Explanation Debit 3 On April 1, Company A discards equipment with a cost of $ 15,000 and accumulated depreciation of $ 15,000. General Journal Page Date Account Titles and Explanation Debit Credit 4- Assume an oil well cost $ 500,000 an is estimated to hold 50,000 barrels of oil. There is no residual value. 2000 barrels are extracted during the year. General Journal Page Date Account Titles and Explanation Debit Credit 5- Company A has excess cash to invest and pays $ 80,000 to buy $ 80,000 face value, 5 %, five-year Company B bonds on February 10, 2021. Company A plans hold the bonds until maturity. General Journal Page Date Account Titles and Explanation Debit Credit Activate Win Go to Settings to