8. On January 1, 2016, a company purchased a delivery truck for $72,000 cash. The truck had an estimated useful life of 8 years and an estimated salvage value of $8,000. The straight-line method of depreciation was used. Prepare the journal entries to record depreciation expense and the disposition of the truck on June 30, 2021, under each of the following assumptions: A. The truck and S30,000 cash were given in exchange for a new delivery truck that had a cash price of S60,000. This transaction has commercial substance. B. The truck and S35,000 cash were exchanged for a new delivery truck that had a cash price of $60,000. This transaction has commercial substance. 9. Lumley Co. paid $780,000 cash to buy the plant assets which comprises of Land, build and Equipment of Godrich Co. that went out of business. An independent appraiser assigned the following values to the assets acquired: Land $696,000 Building 324.000 Equipment 180.000 Total $1.200.000 A. Determine the cost to be apportioned to the three plant assets and prepare Lumley's journal entry to record the acquisition of these assets. 10. A company purchased mining property for $3,600,000 containing an estimated 12,000,000 tons of ore. In Year 1, it mined 3,600,000 ns of ore and in Year 2. it mined 1,700.000 tons. Calculate the depletion expense for Year 1 and Year 2 and determine the book value of the property at the end of Year 2