Listed below are a series of transactions that occurred during the first three years of operations for Truman Turf Company 1. On January 1, 2016, Truman paid S15,000 for a 5-year Green Goddess turf franchise 2. On January 1, 2016, Truman purchased 160 acres of land with a building to be used for equipment storage and office space for $200,000 cash and a $610,000, 5- year note payable. An appraisal valued the land at $700,000 and the building at S140,000. The building had an estimated useful life of 15 years and a $15,000 residual value 3. On January 1, 2016, Truman purchased a used Kesmac 16" sod harvester for $45,000. Truman also, paid S1,400 for delivery and setup, and $3,600 in sales taxes. The harvester had an estimated useful life of 5 years and a residual valu