1-Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $10,000 Building 35,000 Equipment 45,000 Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.)

2-Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $24,000 for the truck. The truck is expected to have a $4,000 residual value and a 5-year life. Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense? (Enter only whole dollar values.) Hint: what is the year 2 depreciation amount?

3-Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $17,000 for the truck. The truck is expected to have a $2,000 residual value and a 5-year life. Cambridge has a December 31 fiscal year end. Using the straight-line method, how much is the 2019 depreciation expense? (Enter only whole dollar values.)

4-Somerset Company acquired a piece of equipment with a list price of $200,000 for $178,000. Freight to Somerset's location was $7,000. Installation and testing costs were $5,500. An old piece of equipment was scrapped as a result of this new purchase. The old piece of equipment had an undepreciated value (net book value) of $8,000. The new piece of equipment is expected to have a 10 year life and a salvage value of $15,000. What is the total value assigned to the new piece of equipment?

5-On January 1, 2017, Frostburg Company purchased for $68,500, equipment having a service life of six years and an estimated residual value of $4,000. Frostburg has recorded depreciation of the equipment using the straight-line method. On December 31, 2019, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $35,000. The transaction has commercial substance. Use this information to prepare all General Journal entries (without explanation) required to record the events for December 31, 2019.

6-Bowie Company uses a calendar year. On December 31, 2018, after adjusting entries were posted, Bowie Company sold a machine which was originally purchased on January 1, 2015. The historical cost was $22,500, the salvage value assumed was $1,500 and the original estimated life was five years.. It was sold for $5,400 cash. Using this information, how much should be recorded on December 31 for the Gain or (Loss)? Round to whole dollars.

7-Frederick Mining Company owns a large parcel of land which costs $900,000. It is estimated to contain 1,700,000 tons of recoverable ore. It is estimated that the recovery of the ore will take 10 years and that after the ore is fully depleted the land will be sold for a market value of $100,000. In 2018, Frederick extracted and sold 115,000 tons of ore. What is the amount of depletion that should be recorded? Round total the nearest whole dollar.

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Annapolis Company was recently sold for $450,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item	Amount
Accounts Receivable assumed by buyer	$126,000
Inventory	$290,000
Property, Plant & Equipment (net)	$540,000
Notes Payable assumed by buyer	$705,000

Using this information, how much should be recorded as Goodwill for this transaction?