In its first year of business Baumgartner & Co. purchased land, a building and equipment on March 5, 2016 for $650,000 in total. The land was valued at $275,000, the building had a Fair Market Value of $343,750 and the equipment had a Fair Market Value of $68,750. The following additional information was provided. Asset Residual Value Useful Life Depreciation Method Building $25,000 60 years Straight-Line Equipment $5,000 500,000 units Units of Activity SHOW YOUR CALCULATIONS (Use Excel Template) 1) Calculate individual values of Land, Building and Equipment which would be entered into the books of Baumgartner & Co. (Show Calculations in Journal using a formula) 2) Journal Entry for Acquisition of Land 3) Calculation of the first year of depreciation for the equipment as of the end of the fiscal year. The equipment was able to produce $15,000 units for the first year. (Show work on Journal paper - no need to journalize-insert a comment in the cell to explain what you did) 4) After the first year that piece of equipment generated 5,000 units but it was determined the equipment was not appropriate for the job it was required, so it was sold for $69,000. Prepare the journal entry for 1 year's depreciation for the disposition of the equipment and the journal entry for the sale of the equipment SHOW YOUR CALCULATIONS as a formula in the cell - you can insert a comment in the cell showing what you did if you want)