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Question 3 Forest Company paid $38,000,000 for a warehouse and related assets from a company that was in bankruptcy. The warehouse includes land, building, moving equipment, and heating/ventilation/air conditioning (HVAC) system. An independent appraiser valued these items individually as follows: PPE category Land Building Moving equipment HVAC system Total Appraised value $10,400,000 23,400,000 3,900,000 14,300,000 $52,000,000 Required: Allocate the purchase price among the assets acquired. Question 4- Bailey's Gold Mines Inc. (BGMI) purchases a piece of land for the purpose of developing a gold mine. BGMI is legally required to remove all structures and convert the mine site to a wildlife sanctuary at the end of its estimated 10-year useful life. BGMI estimates that it will have to spend $11,000,000 to decommission the site and reclaim the land when operations cease. Assume a discount rate of 5%. BGMI uses straight-line depreciation. Required: Prepare the journal entries to recognize this site restoration cost the company would record upon initial acquisition and subsequently