1.Garcia Corporation purchased a truck by issuing an $80,000, 4years, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of The entry for purchase of truck will be 2.Fielder Company obtained by issuing 2,000 shares of its $10 par value common stock. The land was recently appraised at $85,000. The Common Stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of land. 3.Lockard Company purchased machinery on January 1, 2010 for 80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. A) Compute 2010 depreciation expense using the straight-line method. B) Compute 2010 depreciation using method assuming the machinery was purchased on September 1,2010. 4.Use the information for Lockard Company given in 3. A) Compute 2010 depreciation expense using the sum-of the years -digits method. B) Compute 2010 depreciation expense using the sum-of-the-years-digits method assuming the machinery was purchased on April 1,2010 5. Use the information for Lockard Company given in 3. A) compute 2010 depreciation expense using the double-declining-balance method. B) Compute 2010 depreciation expense using the double-declining-balance method assuming the machinery was purchased on October 1,2010. 6.Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2010, for $54,000. The patent has a remaining legal life of 16years. Celine Dion Corporation feels the patent will be useful for 10 years. Prepare Celine Dions journal entries to record the purchase of the patent and 2010 amortization. 7.Use the information provided above. Assume that at January 1,2012 the carrying amount of the patent on Celine Dions books s $43,200. In January, Celine Dion spends $24,000 successfully defending a patent suit. Celine Dion still feels the patent will be useful until the end of 2019. Prepare the journal entries to record the $24,000 expenditure and 2012 amortization.