**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?

**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.

**Calculate the depreciation using the Straight Line Method, Sum of the Years' Digits, and Double Declining Balance methods for the first three years for a computer system that has a three year life. The cost is $15,000 and the salvage value is $3,000.