I need a answer for the each question.

A formula is needed for each question.

Financial Accounting Problem Set 4 - Due Date 11/9 (Thur) Beginning of the class. Late homework is not accepted. Staple your assignment. Unstapled assignment is not graded. Do NOT write your work/answers in the space between the paragraphs or on the margins of this page. If not legible or identifiable, homework will not be graded. Don't forget your name. The cover page is not required unless you want to attach one. Do NOT copy others' work. All involved homework is graded zero. Q1. In Jan.1 2011, Dream Resort pays $1,350,000 for a piece of land with two buildings (Building A and B) and land improvements near Building B (Land Improvements B). It plans to demolish Building A and build a new building in its place. Building B will be a company office; it is appraised at $472,770, with a useful life of 15 years and a $90,000 residual value. Land Improvements B valued at $125,145 are expected to last another six years with no residual value. The land alone was appraised at $792,585. The company also incurs the following additional costs. [Additional costs] Cost to demolish Building A Surveying fee for the land ------------------------------------------------------------------------------------------------------- $ 117,000 $ 172,500 Compute the cost of land that needs to be journalized. Q2. On Jan. 1, 2012, Cool Bakery purchases a baking oven for $4,000 and readies it for use the next day at a cost of $255 for installation. Management estimates the machine will be used for five years and have $1,255 salvage value. On Dec 31, 2013 at the end of its second year of use, the machine is disposed of. a) Using the straight-line method, journalize the annual depreciation expense on December 31 2012. b) Now assume that the company uses the double-declining-balance method. Prepare journal entries to record the machine's disposal on Dec. 31 2013 under each of the following separate assumptions: (a) it is sold for $1,500 cash; and (b) it is sold for $1,600 cash. Q3. Caleb Co. owns a machine that costs $21,200 with accumulated depreciation of $9,200. Caleb exchanges the machine for a newer model that has a market value of $26,000. Record the exchange assuming Caleb also paid cash of (1) $12,000 and the exchange has commercial substance, and (2) $15,000 and the exchange does NOT have commercial substance