(a) DeLong Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows purchase price, $65,000; broker's fees, $6,000 title search and other fees, $5,000; demolition of an old building on the property, $5700, grading, $1, 200; digging foundation for the road, $3 000; laying and paving driveway, $25,000; lighting $7.500: signs, $1, 500. List the items and amounts that should be included in the Land account. (b) Miley Enterprises sold equipment on January 1, 2016 for $5,000. The equipment had cost $24,000. The (correct to date) balance in Accumulated Depreciation at January 1 is $20,000. What entry would Miley make to record the sale of the equipment? (c) Marlow Company purchased equipment on January 1, 2015 for $70,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life. Instructions: Answer the following independent questions. Compute the amount of depreciation expense for the year ended December 31, 2015, using the straight-line method of deprecation. If 16,000 units of product are produced in 2015 and 24,000 units are produced in 2016, what is the depreciation expense for each of the two years? The company uses the units of activity depreciation method