Apex Fitness Club uses straight-line depreciation for a machine costing $30,150, with an estimated four-year life and a $2,500 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,050 salvage value. 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the revised estimates. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the machine's book value at the end of its second year. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Book Value at the End of Year 2: Cost Accumulated depreciation 2 years Book value at point of revision Required 2 > Apex Fitness Club uses straight-line depreciation for a machine costing $30,150, with an estimated four-year life and a $2,500 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,050 salvage value. 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the revised estimates. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the amount of depreciation for each of the final three years given the revised estimates. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) Revised Depreciation (Years 3-5) Book value at point of revision Revised salvage value Remaining depreciable cost Years of life remaining Revised annual depreciation years 3-5 Required 1 A company pays $836,000 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $66.000 cash to access the mine, which is estimated to hold 110,000 tons of iron. The estimated value of the land after the iron is removed is $22,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. Prepare the January 1 entry to record the cost of the iron mine. 2. Prepare the December 31 year-end adjusting entry if 23,000 tons of iron are mined but only 20,000 tons are sold this first year. View transaction list Journal entry worksheet 1 2 Prepare the January 1 entry to record the cost of the iron mine. Note: Enter debits before credits. Debit Credit General Journal Date January 01 View general journal Clear entry Record entry A company pays $836,000 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $66,000 cash to access the mine, which is estimated to hold 110,000 tons of iron. The estimated value of the land after the iron is removed is $22,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. Prepare the January 1 entry to record the cost of the iron mine. 2. Prepare the December 31 year-end adjusting entry if 23.000 tons of iron are mined but only 20,000 tons are sold this first year. View transaction list Journal entry worksheet