Capital Expenditures and Revenue Expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20. Replaced the transmission at a cost of $4,245. June 11. Paid $1,620 for installation of a hydraulic lift. Nov. 30. Paid $66 to change the oil and air filter. Prepare the journal entries for each expenditure. If an amount box does not require an entry, leave it blank. Mar. 20 June 11 Nov. 30 Depletion Entries Alaska Mining Co. acquired mineral rights for $18,954,000. The mineral deposit is estimated at 105,300,000 tons. During the current year, 15,800,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. $ b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Amortization Entries Kleen Company acquired patent rights on January 10 of Year 1 for $416,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $21,000. If required, round your answer to the nearest dollar. a. Determine the patent amortization expense for the Year 4 ended December 31. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it blank. Asset Traded for Similar Asset A printing press priced at a fair market value of $275,000 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press. a. Assuming that the trade-in allowance is $90,000, what is the amount of cash given? b. Assuming that the book value of the press traded in is $108,500, what is the gain or loss on the exchange? Entries for Trade of Fixed Asset On July 1, Twin Pines Co., a water distiller, acquired new bottling equipment with a list price (fair market value) of $220,000. Twin Pines received a trade-in allowance (fair market value) of $45,000 on the old equipment of a similar type and paid cash of $175,000. The following information about the old equipment is obtained from the account in the equipment ledger: cost, $180,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $120,000; annual depreciation, $12,000. Assume the exchange has commercial substance. a. Journalize the entry to record the current depreciation of the old equipment to the date of trade-in. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the exchange transaction on July 1. If an amount box does not require an entry, leave it blank