1. These expenditures were incurred by Pharoah Ltd. in purchasing land: cash price $407,700; legal fees $8,580; removal of old building $24,710; cost of clearing and grading $6,190; installation of fence $3,050. What is the cost of the land?

Cost of the land

$????

2. Sandhill Ltd. purchased a delivery truck on January 1, 2018, at a cost of $86,500. The truck is expected to have a residual value of $7,740 at the end of its 4-year useful life. Sandhill has a December 31 year end.

Calculate the depreciation using the straight-line method for each year of the trucks life.

Depreciation for each year

$?????