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Problem 3 20 Marks Tikon Manufacturing began Operations on January 1 2018. The following fixed assets have been acquired over the years. The below cost and related expenditure were identified Land was acquired on January 1 2018 in order to construct a small Office building. The company paid $65,000 in cash. An old warehouse on the property was razed at a cost of $21,400; sold salvaged materials for $4,200. Additional expenditures before construction began included $2,100 attorney's fee for work concerning the land purchase, $2,300 real estate broker's fee, $41,000 architect's fee and $31,700 to put in driveways and a parking lot Building construction commenced on November 1 2018 with a payment of $220,000 to the contractor. After razing the old warehouse, the paid excavation cost of $3,000 in order to commence the construction. The architect's fee was paid at $41,000 and $10,000 was paid for the building drawing plans which was required in order to get the building permit. The building permit was $6,000. At the time of construction the cost of the driveways and parking lot increased to $52,000 Equipment was acquired on October 1, 2018, at a cash price of $96,000 with sales tax of $12,000. The company also paid $16,000 in advance for maintenance and fuel cost for the year. The equipment has an estimated life of 8 years, or a useful life is 170,000 units and an estimated residual value of $6,000. Required: a) Compute the cost of each asset. b) Prepare the depreciation schedule to compute the amount of depreciation expense and annual depreciation from 2018 to 2021 under the following assumptions: i. Straight-line method of depreciation ii. Declining balance method using twice the straight-line rate. iii. Units of Activity method. The actual usage was as follows: 2018 - 18,000 units; 2019 - 43,000 units; 2020 - 32,000 units and 2021 - 28,000. c) On December 31, 2021, Tikon sold a truck purchased on January 1, 2018 that costs $60,000. It has been depreciated using the straight-line method based on an estimated residual value of $8,000 and an estimated useful life of 5 years. The truck was sold for $22,000. Prepare the journal entry to record the sale of the equipment