Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $45,000 in cash and giving a short-term note for $298,000. Legal fees paid were $1,535, delinquent taxes assumed were $14,800, and fees paid to remove an old building from the land were $21,100. Materiais salvaged from the demolition of the buliding were sold for $5,100. A contractor was paid $1,042,700 to construct a new warehouse Determine the cost of the land to be reported on the balance sheet. Comparing Three Depreciation Methods Waylander Coatings Company purchased waterproofing equipment on January 6 for $501,400. The equipment was expected to have a useful life of four years, or 10,000 operating hours, and a residual value of $41,400. The equipment was used for 3,000 hours during Year 1, 3,100 hours in Year 2, 1,800 hours in Year 3, and 1.300 hours in Year 4. Required: 1. Determine the amount of depreciation expense for the years ended December 31, Year 1. Year 2. Year 3, and Years, by (a) the straight-line method, (b) the units-of- activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the four years by each method. Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollar. Depreciation Expense Year Straight-Line Method Units-of-Activity Method Double-Declining-Balance Method Year 1 Year 2 Year 3 Year 4 Total 2. What method yields the highest depreciation expense for Year 1? 3. What method yields the most depreciation over the four-year life of the equipment