Exercise 7-1 (Algo) Record purchase of land (LO7-1) Anderson's Fish House purchases a tact of land and an existing bulding for $930,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, Anderson pays closing costs, including title insurance of $2,300. The company also pays $12,600 in property taxes. which includes $8,300 of back taxes (unpaid taxes from previous years) paid by Anderson on behalf of the seller and $4,300 due for the current fiscal year after the purchase date Shortiy ofter closing, the company pays a contractor $46,500 to tear down the old building and remove it from the site. Anderson is able to sell salvaged materials from the old building for $3,600 and pays an additional $10,300 to level the land. Required: Determine the amount Anderson's Fish House should record as the cost of the land (Amounts to be deducted should be indicated by a minus sign.) Exercise 7-3 (Algo) Allocate costs in a basket purchase (LO7-1) Red River Bakery purchases land, building, and equipment for a single purchase price of $420,000 However, the estimated fair values of the land, building, and equipment are $130,000,$312,000, and $78,000, respectively, for a total estimated foir value of $520,000 Required: Determine the amounts Red River should record in the separate accounts for the land, the building, and the equipment, Exercise 7-12 (Algo) Determine straight-line depreciation for partial periods (LO7-4) Northport's Sandwiches acquired equipment on April 1, 2024, for $22,000. The company estimates a residual value of $2,800 and a five-year service life Required: Calculate depreciation expense using the straight-line mothod for 2024 and 2025 , assuming a December 31 yearend