(1) Rachel Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum price of $900,000. At the time of acquisition Rachel paid $10,000 to have the assets appraised. The appraisal disclosed the following values $480,000 Land Buildings Improvements 560,000 60,000 What cost should be assigned to the land, buildings, and equipment, respectively? Land Building Improvements Gina Company purchased a new classic vehicle owned by Elvis Presley on Jan 1, 2018 at a cost of $3,200,000. The classic vehicle has an estimated useful life of 5 years and an estimated salvage value of $200,000. The current year end is 12/31/18. Gina Inc. records depreciation to the nearest month. (2) What is the depreciation amount for the second year under the following methods: Straight Line Double Declining Sum of the years digits Page 11 16