1) Pina Colada Corp. bought equipment on January 1, 2017. The equipment cost $440000 and had an expected salvage value of $75000. The life of the equipment was estimated to be 6 years. The depreciation expense using the straight-line method of depreciation is

2) A company purchased land for $92600 cash. Real estate brokers' commission was $4100 and $8400 was spent for demolishing an old building on the land before construction of a new building could start. Proceeds from salvage of the demolished building was $1000. Under the historical cost principle, the cost of land would be recorded at

3) Sheridan Company purchases a new delivery truck for $53000. The sales taxes are $4200. The logo of the company is painted on the side of the truck for $1000. The trucks annual license is $180. The truck undergoes safety testing for $300. What does Sheridan record as the cost of the new truck?

4) Machinery was purchased for $480000. Freight charges amounted to $13000 and there was a cost of $36000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $55000 salvage value at the end of its 8-year useful life. Depreciation expense each year using the straight-line method will be

5) A company purchased factory equipment on April 1, 2017, for $118800. It is estimated that the equipment will have a $18000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2017, is