Part 1: On January 2, 2018, JT's Vegan Ville Cooking Supplies Co. purchased a piece of land from Khaled ey Company. JT's Vegan Ville Cooking Supplies Co. was convinced that the land was worth $100,000 but was able to buy it for only $78,000 because Khaled Key Company needed the cash quickly. The Company incurred legal fees of $5,500 to close the transaction. Upon completing the purchase, the city notified JT's Vegan Ville Cooking Supplies Co. that real estate taxes of $1,200 were due on the land from 1979. The company decided to pay the back taxes instead of renegotiating with Khaled Key Company. On February 1, 2018, the company paid $5,800 cash to the city for the 2018 real estate taxes. During 2018 the fair value of the land rose quickly to an appraised value of $118,000. By the end of 2018, JT's Vegan Ville Cooking Supplies Co. noted that similar plots of land recently sold for $120,000 Amount What was the total historic cost of the land acquired by JT's Vegan Ville Cooking Supplies? (3 points) a) SUPPORTING COMPUTATION REQUIRED: In its GAAP balance sheet at December 31, 2018, JT's Vegan Ville Cooking Supplies reported the land at a value of: (2 points) b) Part 2: On June 25, 2018, Harris Products acquired a production machine for a price do company incurred freight charges of $8,750 to have the machine delivered to its factory. Upon arriva company incurred $12,300 in installation costs. The company then incurred $5,140 in costs for trail runs to prepare the machine for use in its factory operations. l, the On June 30, 2018, Harris Products paid $4,500 as the premium for one year of insurance coverage on the machine beginning on July 1. The company began using the machine the next day. What was the total historic cost of production machine acquired by a) d Harris Products? (3 points) SUPPORTING COMPUTATION REQUIRED: n December 31, 201 amount of $35,000. 8, Harris Products recorded depreciation expense on the production machine in the The company estimated that it could sell the production machine for $248,000. In its GAAP balance sheet at December 31, 2018, Harris Products b)reported the production machine at a value of: (2 points) SUPPORTING COMPUTATION REQUIRED