1. How is the cost of a lump-sum purchase allocated to the individual assets acquired? Provide a simple example of how the allocation would be performed if your company paid $1,200,000 cash in total for a restaurant (land, building, and equipment), and the appraised value was actually $1,400,000 for the 3 asset components $600,000, $500,000, and $300,000, respectively. 2. Does the balance in the Accumulated Depreciation - Machinery account represent funds to replace the machinery when it wears out? If not, what does it represent? 3. Assume you work for a company in sales and therefore are entitled to not only hourly pay, but commission and bonus as well. You work 40 hours in a payroll week. Calculate your gross pay for your company if you make $x per hour (you select your hourly rate!), and earn 15% bonus (of gross pay). 4. Unfortunately, you do not get to keep all your Gross Pay. Assuming you have the following withholding deductions taken out of your pay, now calculate your Net Pay. Withholding deductions: Employee income tax (10%) Employee OASDI tax (see book for how to calculate) Employee Medicare tax (1.45%) Employee health insurance Employee contribution to United Way 75 20 Total withholdings: Post your initial response to the discussion question no later than Thursday 11:59