Black properties has a building with an assessed value of five million in Okemos, Michigan. Assuming a millage rate of 50 mills and the required relationship between market value and assessed valuation (in Michigan), what is the annual property taxes on this building?

also

Black Properties has an old van which cost $30,000 and has been depreciated by $25,000. The van is traded-in on a new van. Assume the new van has a market value of $35,000, Black Properties is required to provide a $25,000 in addition to the old van. Prepare the journal entry to record this transaction.