JLF Company installs mechanical systems in large commercial projects. Due to the nature of the business, JLF invests heavily in large equipment. JLF recently purchased the following assets. Asset 1: Forklift. On April 1, Year 4, JLF purchased a new forklift for $40,000. The estimated residual value of the forklift at the end of its 5-year estimated life is $18,000. Asset 2: Cutting machine. On June 1, Year 4, JLF purchased a used cutting machine from a local competitor going out of business. JLF paid the competitor $50,000 for the machine. JLF also paid an equipment handling company $10,000 to move the machine from the competitor's location and assemble it at JLF's site. JLF anticipates the machine will have a remaining 10-year life and a residual value of $6,000. Asset 3: Land for new storage shed. On November 1, Year 4, JLF purchased land to use for the construction of a new storage shed. JLF paid $20,000 for the land. Improvements: In Year 4, JLF also had significant investments in maintaining and improving its current property, plant, and equipment. JLF installed a new roof on the company headquarters at a cost of $30,000 and security cameras in the parking lot