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Exercise 1 (5 Marks) Farley Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $70,000; broker's fees, $6,000; title search and other fees, $5,000; demolition of an old building on the property, $5,700; grading. $1,200; digging foundation for the road, $3,000; laying and paving driveway, $25,000; lighting $7,500; signs, $1,500. List the items and amounts that should be included in the Land account. Exercise 2 (1 Mark) Iverson Company purchased a delivery truck for $45,000 on January 1, 2014. The truck was assigned an estimated useful life of 5 years and has a residual value of $10,000. Compute depreciation expense using the double-declining-balance method for the years 2014 and 2015. Exercise 3 (4 Marks) Carey Enterprises sold equipment on January 1, 2014 for $10,000. The equipment had cost $48,000. The balance in Accumulated Depreciation at January 1 is $40,000. What entry would Carey make to record the sale of the equipment? Solution Calculate gain or loss on sale: Proceeds= Book value = Gain on Disposal of plant Assets= Entry to record sale: 2015 depreciation expense =