HW Score: 0%, 0 of 8 pts S8-4 (book/static) Question Help Peterson purchased land with a current market value of $110.000, a building with a market value of $88,000, and equipment with a market value of $22,000. Journalize the lump-sum purchase of the three assets purchased for a total cost of $210,000 in exchange for a note payable (Record debit first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Debit Credit /1 1 58-7 (book/static) E estion Help On January 1, Titan Trucking purchased a used Korworth truck at a cost of $48000. Tin Trucking expects the truck to remain useful for four years 300.000 miles and to have a residual value of $8,000. Titan Trucking expects the truck to be driven 160 000 miles the first year and 280,000 miles the second year mework Read the requirements Qui/Test Requirement 1. Compute Titan Trucking's first year depreciation expense on the truck using (a) Straight-line, (b) Units of production, and (c) Double-declining balance Start by selecting the formulas needed to compute annual depreciation under each of the three methods Straight line depreciation Units of production depreciation Double-declining balance depreciation Question Help 5 try 1. Titan Trucking purchased a used Kenworth truck at a cost of $48,000. Titan Trucking expects the truck to remain useful for four years (800,000 miles) an residual value of $8,000. Titan Trucking expects the truck to be driven 160,000 miles the first year and 280,000 miles the second year equirements ent 1. Computed ecting the ford uble-declining balang X Modeclining 0 Requirements 1. Compute Titan Trucking's first-year depreciation expense on the truck using the following methods: a. Straight-line b. Units of production c. Double-declining balance 2. Show the truck's book value at the end of the first year under the straight-line method. Print Done ny drop- d or