I need this assignment correct ( urgent)

23:21 E QE 1. Imperial Corp purchased land and a building for $425,000. The appraised values of the land and the building were $150,000 and $450,000, respectively. In addition, the attorney was paid $10,000 for handling the closing on the property A. What amounts will be recorded as the costs of the land and building? B. What is the accounting justification against increasing the land and building accounts for their appraised values? 2. On January 1, 2016, Humansville Company purchased a piece of equipment with a list price of $80,000. The following amounts were related to the equipment purchase Terms of the purchase were 2/10, net 30. Humansville paid for the purchase on January & Freight costs of S1,250 were incurred A state agency required that a pollution control device be installed on the equipment at a cost of $3,300. . During installation, the equipment was damaged and repair costs of 54,200 were incurred Architect's fees of 56,100 were paid to redesign the work space to accommodate the new equipment, Humansville purchased liability insurance to cover possible damage to the asset. The three-year policy cost $8,700. Humansville financed the purchase with a bank loan. Interest of S4,600 was paid on the loan during 2016, Required: Determine the acquisition cost of the equipment. 3. Daytona Beach Company purchased a car for a salesman for $23.500 the beginning of 2016. The car had an estimated life of 5 years, and an estimated residual value of $3.500. Daytona Beach used the straight-line depreciation method. At the beginning of 2017, Daytona Beach incurred $2,500 to replace the car's transmission. This resulted in a 2-year extension of the car's useful life, but no change in the residual value. A. What type of cost is the $2.500? Explain. B. Calculate the book value of the car at the end of 2016. c. Find the depreciation expense on the car for 2017 4. Dayton Ridge Co. purchased new trucks at the beginning of 2016 for $600,000. The trucks had an estimated life of 4 years and an estimated residual value of $50.00 Sline depreciation. Al 1 Mida 23:21 3. Daytona Beach Company purchased a car for a salesman for $23.500 at the beginning of 2016. The car had an estimated life of 5 years, and an estimated residual value of $3,300. Daytona Beach used the straight-line depreciation method. At the beginning of 2017, Daytona Beach incurred $2,500 to replace the car's transmission. This resulted in a 2 year extension of the car's useful life, but no change in the residual value A What type of cost is the $2.500? Explain. B. Calculate the book value of the car at the end of 2016. C. Find the depreciation expense on the car for 2017, 4. Dayton Ridge Co. purchased new tracks at the beginning of 2016 for $600,000. The trucks had an estimated life of 4 years and an estimated residual value of $50,000. Dayton Ridge uses straight-line depreciation. At the beginning of 2017, Dayton Ridge sold the trucks for S480,000 and purchased new trucks for S700,000. Determine the following amounts: A Book value of the trucks at the end of 2016 B. Gain (loss) on the sale of the trucks at the beginning of 2017 (Indicate the amount and whether a gain or loss). 5. Assume that Banker Company purchased a new machine on January 1. 2016, for $96,000. The machine has an estimated useful life of nine years and a residual value of $6,000. Banker has chosen to use the straight-line method of depreciation. On January 1, 2018 Banker discovered that the machine would not be useful beyond December 31, 2021, and estimated its value at that time to be 54.000. Required: 1. Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2016 to 2021. II 6. Several years ago. Laurel Company purchased a patent and has since been amortizing it on a straight-line basis over its estimated useful life. The company's comparative balance sheets contain the following items (In thousands) December 31, 2017 December 31, 2016 Patent, less accumulated amortization of $280,000 $297 500 $70,000 (2017) and S$2,500 (2016) A. How much amortization expense was recorded during 2017 How is the amortization expense reported on the company's statement B of cash flows? 23:21 LE LALI WA ULIVU. c. Find the depreciation expense on the car for 2017 4. Daylon Ridge Co. purchased new trucks at the beginning of 2016 for $600,000. The trucks had an estimated life of 4 years and an estimated residual value of $50,000. Dayton Ridge uses straight-line depreciation At the beginning of 2017, Dayton Ridge sold the tracks for S480,000 and purchased new trucks for S700,000. Determine the following amounts A Book value of the trucks at the end of 2016. B. Gain (loss) on the sale of the trucks at the beginning of 2017 (Indicate the amount and whether a gain or loss). 5. Assume that Banker Company purchased a new machine on January 1. 2016, for $96,000. The machine has an estimated useful life of nine years and a residual value of S6,000. Banker has chosen to use the straight-line method of depreciation. On January 1, 2018. Banker discovered that the machine would not be useful beyond December 31, 2021, and estimated its value at that time to be $4.000 Required: 1. Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2016 to 2021. 6. Several years ago, Laurel Company purchased a patent and has since been amortizing it on a straight-line basis over its estimated useful life. The company's comparative balance sheets contain the following items (In thousands) December 31, 2017 December 31, 2016 Patent, less accumulated amortization of $280,000 S297300 $70,000 (2017) and 552.500 (2016) A. How much amortization expense was recorded during 2017 B How is the amortization expense reported on the company's statement of cash flows? C. How much was the original cost of the patent? D. How many years has the patent been amortized