Current Attempt in Progress Cullumber Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $508,800 of which Cullumber Chrome paid $84,800 in cash as a down payment and signed a 7% mortgage for the remainder Cullumber Chrome immediately had the old building razed at a total cost of $9,170 and sold the salvaged materials for $2.280. Attorneys were paid $1,140 in connection with the purchase. The architect's fee for drawing building plans for the new building cost $7,260. Cullumber Chrome paid $3,260 in connection with permits and zoning variances necessary prior to construction of the new building. Cullumber Chrome paid the contractor $1,505,200 for construction of the new building, along with $44.520 for a parking lot and necessary walkways and driveways. Answer the following question (a) At what amount should the land be recorded? Land be recorded $ e Textbook and Media Current Attempt in Progress Wildhorse Chemicals Company acquires a delivery truck at a cost of $35,600 on January 1, 2022. The truck is expected to have a salvage value of $2,900 at the end of its 5-year useful life Compute annual depreciation for the first and second years using the straight-line method. First Year Second Year Annual depreciation under straight-line method $ eTextbook and Media Save for Later Attempts: 0 of 2 used Submit Answer Sunland Company sells office equipment on July 31, 2022 for $23,830 cash. The office equipment originally cost $79,860 and as of January 1, 2022, had accumulated depreciation of $39,690. Depreciation for the first 7 months of 2022 is $4,090. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b) Current Attempt in Progress Fluffer Company incurred the following costs. Indicate to which account Trudy would debit each of the costs. 1 Sales tax on factory machinery purchased, $7,000. 2. Painting of and lettering on truck immediately upon purchase, $800. 4. Real estate broker's commission on land purchased $4,500. > 5. Insurance premium paid for first year's insurance on new truck $930. 8. Cost of clearing, draining and filling land. $14.400. > 9. Architect's fees on self-constructed building. $11,000. Bramble Company has an old factory machine that cost $65,000. The machine has accumulated depreciation of $36,400. Bramble has decided to sell the machine. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) (a) Whatentry would Bramble make to record the sale of the machine for $33,400 cash? What entry would Bramble make to record the sale of the machine for $23,400 cash? (5) No. Account Titles and Explanation Debit Credit (a) (b) Crane's Repair Service uses the straight-line method of depreciation. The company's fiscal year-end is December 31. The following transactions and events occurred during the first three years. 2021 July 1 Nov. 3 Dec. 31 Purchased equipment from the Equipment Center for $5,400 cash plus sales tax of $530, and shipping costs of $360 Incurred ordinary repairs on computer of $450. Recorded 2021 depreciation on the basis of a four-year life and estimated salvage value of $570. Recorded 2022 depreciation Paid $3,300 for a major upgrade of the equipment. This expenditure is expected to increase the operating efficiency and capacity of the equipment 2022 Dec. 31 2023 Jan. 1 Prepare the necessary entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit