ASAP

QUESTION 1. Part A Sarah Limited after launching a new department, decided to buy some additional capital assets. The company negotiated with a company which was going bankrupt. It purchased land , building and equipment for $750,000. The accountant of Sarah company had to estimate the book value of each long-term asset based on market value of these assets as given in the table below: Assets Market Value $ Land 310,000 Building 230,000 Equipment 160,000 REQUIRED Use the information on the table and estimate the price of each asset purchased by Sarah Limited PART B The company above depreciate the building using double declining approach. Additional information is provided to depreciate the building. they are as follows: Estimated salvage value = $70,000 Estimated useful life = 6 years Purchase date = April 30, 2018 REQUIRED 1. Make a depreciation schedule for the building using double declining method. 2. Journalize the depreciation expense for year 2018 3. Give a balance sheet extract for the year 2020. 4. Journalize the sale of building if it was sold for $70,000 after being depreciated completely. PART C The company decided to depreciate equipment using units of production, The table below contains details of production for the following years and some additional information Period Units produced 2018 12000 2019 22000 2020 28000 2021 30000 2022 18000 The equipment is estimated to have the capacity to produce 90,000 units. The salvage value of the equipment is $ 30,000 REQUIRED 1. Make a depreciation schedule for the equipment purchased. 2. Journalize the deprecation expense for 2019. 3. Give a balance sheet extract for 2021 4. Journalize the sale of equipment for $60,000 in year 2020