Item 1: Entity A purchased land adjacent to its plant to improve access for trucks making deliveries. The expenditure incurred in purchasing the land was as follows: Purchase price $75,000 Broker's fees 1,700 Title search and survey 5,000 Demolition of an old building on property 5,700 Grading 1,200 3,000 Digging foundation for the road Laying and paving driveway 25,000 Lighting 7,500 1,500. Signs Proceeds from the salvage of the demolished building were $1,000 Item 4: Entity B bought equipment for $240,000 on January 1, 2021. It estimated the useful life to be 3 years with no salvage value, and the straight-line method of depreciation was used. On January 1, 2022, Entity B decides that it will use the equipment for a total of 5 years. Compute the revised depreciation expense for 2022 and make the entry to record depreciation expense, Axel Pedraza ACCT 2110 CE #4 (Ch. 9) Due: Thursday, 11/4 by 11 pm (submit through Assignments" tab on Learn) Item 1: Entity A purchased land adjacent to its plant to improve access for trucks making deliveries. The expenditure incurred in purchasing the land was as follows: Purchase price $75,000 Broker's fees 1,700 Title search and survey 5,000 Demolition of an old building on 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. Proceeds from the salvage of the demolished building were $1.000. List the items and amounts that make up the Land account. Be sure to provide a total. Item 4: Entity B bought equipment for $240,000 on January 1, 2021. It estimated the useful life to be 3 years with no salvage value, and the straight-line method of depreciation was used. On January 1, 2022. Entity B decides that it will use the equipment for a total of 5 years. Compute the revised depreciation expense for 2022 and make the entry to record depreciation expense