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Sorter Company purchased equipment for $280,000 on January 2,2019 . The equipment has an estimated service life of 8 years and an estimated residual value of $28,000. Required: Compute the depreciation expense for 2019 under each of the following methods: 1. Straight-line: \$ 2. Sum-of-the-years'-digits: $ 3. Double-declining-balance: $ 4. Depreciation causes the book value of the assets to each period. When an accelerated depreciation method is used, the rate of return each period. Utica Corporation paid $360,000 to purchase land and a building. An appraisal showed that the land is worth $100,000 and the building is worth $300,000. What cost should Utica assign to the land and to the building, respectively? Nabokov Company exchanges assets with Faulkner Company. Nabokov exchanges equipment with a book value of $25,000 and fair market value of $40,000 for Faulkner's land with a cost of $7,500 and fair market value of $38,000. Faulkner also paid Nabokov $2,000 in cash. Compute Nabokov's cost of the land acquired and any gain or loss on the exchange. Cost of asset acquired $ $ 1. research and development costs 2. intangibles with an indefinite life 3. intangibles with a finite life 1. Research and development costs 2. Intangibles with an indefinite life A. review for impairment B. amortize over useful life C. expense when incurred 3. Intangibles with a finite life