Deja's Decorating Ltd. paid a lump sum to purchase land with a small building for its interior decorating business. Details of the purchase, as well as other transactions are as follows: Lump-sum Cash paid for Land and Building Cash paid for additional landscaping Cash paid for brick walkway around store Cash paid for putty/paint to fill nall holes in walls $ 193,000 1,100 1,100 30 At the time of the purchase the fair market value (FMV) of the assets included in the lump- sum payment as determined by an appraiser were as follows: FMV of Land FMV of Building Total Appraised Value $ 151,312 64,848 $ 216,160 REQUIRED: a) Using the information provided, determine the non-current assets that Deja's Decorating Ltd. must record as well as the cost that will be allocated to each. b) Prepare the journal entry to record the purchase of the assets determined in part a). Revised Depreciation On January 1, 2018, Kate 'n' Kev's Katering purchased a new commercial oven for its business. The company uses straightline depreciation. Here are the details: Purchase price Useful life in years Residual value $ 11,000 4 770 On January 2, 2020, the owners decided that the oven's quality was significantly better than they had anticipated, and determined that the useful life and residual value of the asset should have been as follows: Useful life in years (from purchase date) Residual value $ 5 924 Determine the revised depreciation expense to be recorded at the company's year-end date, December 31, 2020, and prepare the journal entry