Foley Distribution Service paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $70,000, the building $56,000, and the equipment $14,000. Journalize the lump-sum purchase of the three assets for a total cost of $130,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Alton Clothing purchased land, paying $100,000 cash and signing a $290,000 note payable. In addition, Alton paid delinquent property tax of $1,100, title insurance costing $750, and $5,500 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land. Purchase price of land Add related costs: Total cost of land On January 1, 2024, Advanced Airlines purchased a used airplane for $52,000,000. Advanced Airlines expects the plane to remain useful for four years (4,000,000 miles) and to have a residual value of $4,000,000. The company expects the plane to be flown 1,500,000 miles during the first year. Read the requirements. ... Requirement 1a. Compute Advanced Airlines's first-year depreciation expense on the plane using the straight-line method. Begin by selecting the formula to calculate the company's first-year depreciation expense on the plane using the straight-line method. Then enter the amounts and calculate the depreciation for the first year. ) = Straight-line depreciation Requirements 1. Compute Advanced Airlines's first-year depreciation expense on the plane using the following methods: a. Straight-line b. Units-of-production c. Double-declining-balance 2. Show the airplane's book value at the end of the first year for all three methods