Part 1: A company purchased several long term assets during 2019.

The first asset is a machine purchased August 1, 2019. The machine was used in production beginning October 1. The following costs were incurred in acquiring the machinery:

Purchase (invoice) price	$ 96,812
Shipping Costs	1,740
Insurance during shipping	400
Materials required for testing and calibration	820
One-year insurance beginning October 1 of the current year	2,800
Repair damage caused during Installation	510
Installation costs with special mounting	2,150
Labor used to test the equipment. Determine the amount to be recorded as cost for the machine. Show your work. 8 points	275

Part 2: The second asset purchased is truck. The truck was purchased January 1, 2019 for $54,800. The truck has a five-year life with a $4,200 salvage value. The company uses straight line depreciation. Prepare the depreciation journal entry for December 31, 2020. 6 points

On January 1, Year 4 the company sells the truck for $21,700 cash. Prepare the journal entry for the sale of the truck. 8 points

Part 3: A company purchased property for $110,000. The property included a building, a parking lot, and land. The building was appraised at $62,000; the land at $30,000, and the parking lot at $8,000. Calculate the dollar amount to record each of the three assets. You do not need to prepare the journal entry. 6 points

Part 4: The company purchased a computer system on January 1, 2020 for $28,000. This system has a useful life of 5 years and a salvage value of $3,000. Complete the table FOR THE FIRST THREE YEARS below using Double-Declining Balance. 12 points SHOW YOUR CALCULATIONS!

Date Cost Deprec Exp Accum Deprec Net Book Value

1/1/20 $27,000 $27,000