On January 1, 2020. Layton Corporation made a basket purchase of land, a building and furniture and fortures. The total purchase price was $420,000 Laytona paid $6,000 for title fees and $8.000 in legal fees related to the purchase. Appraised values at the time of the purchase were land $100.000, building $350.000 and furniture and fixtures. $50,000. Seve Required: 1. Make the journal entry to record the purchase of the assets with cost based on appraised values 2. The building had an estimated useful life of 20 years and residual value of $50.000. Make the journal entry to record depreciation for 2020 decening balance method and a 150% acceleration rate. 3. The furniture and fixtures are expected to have useful lives of 4 years and no residual value. What is the amount of deprecation on the farture and for 2020, assuming that Layton uses the straight line method of depreciation for such assets? 4. Based on the information in part 3, what is the book value of the furniture and fixtures at the end of 2020? 5. Under IFRS, would Layton be able to use the declining balance method for the building and the straight line method for future and foresc Short Anwwer Toolbot negation B 1 FE MI ili . N