A. Equipment with an original cost of $40,000 and accumulated depreciation of $30,000 was deemed unusable and was sold for $1000 scrap value.

B. A new machine was acquired for $40,000. The invoice was marked 2/10, n/30, but Fong did not pay in time to take advantage of the 2% discount for early payment and thus paid the gross amount of $40,000. Wiring was improved to accommodate the needs of the new machinery at a cost of $500. Related software to install in the machine required for operation was purchased for $1,200. Installation of the new machinery cost $800. There were no component parts with different useful lives, so the machine was recorded on one account.

C. Regular machine maintenance was carried out for $5,000.

D. A major overhaul was done on heavy machinery for a cost of $18,500. This overhaul is expected to be completed every 5 years.

E. The building roof was replaced during the period at a cost of $21,400 to improve the insulation in the building and save on heating costs. The old roof had been recorded as a separate component. It had an original cost of $12,200 and was three-quarters depreciated.

F. Two machines were acquired for a lump-sum amount of $29,900. One machine had an appraised value of $23,000 and the other, $11,000.

G. Land and building were acquired from a member of the board of directors in exchange for 300,000 of the companys own common shares. The land was appraised at $40,500 and the building, $220,000. The facility will be used for long-term storage. The market value of common shares has been around $1.2 per share this year, with weekly highs and lows ranging from $1.60 to $0.70, respectively.

H. The company spent $235,000 in a research lab program this year. It was successful in developing three new commercial projects, which represented $85,000 of the expenditures budget. Legal fees associated with the three successful projects amount to $13,500.

I. Jonah paved its factory parking lot, previously a dirt lot, at a cost of $84,300. Record journal entries for each of the scenarios with the assumptions made.