1.) On January 1, 2018, Jordan, Inc. acquired a machine for $ 1,080,000. The estimated useful life of the asset is five years. Residual value at the end of five years is estimated to be $ 55, 000. Calculate the depreciation expense per year using the straight-line method.

2.)

Land Corporation reported the following:

Common Stock, $5.00 par,209,000 shares authorized,179,000 shares issued	$895,000
Paid in Capital in Excess of ParCommon	203,000
Retained Earnings	232,000
Total Stockholders' Equity	$1,330,000

Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $14.50 per share?