Part I: Short answers, no partial credit (30 pts, 5 pts each) 1. Millbum Corporation has acquired a property that included both land and a building for $510,000. The corporation hired an appraiser who has deternined that the market value of the land is $320,000 and that of the building is $440,000. At what amount should the corporation recoed the cost of land? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar) A) $341,700 B) $134,400 C) $255,000 D) $214,200 -2. The cost ofan asset S$1,070,000, and its resdal value issaooo. Estimated useful life ofthe asset is ten years. Calculate depreciation for the first year using the double-declining-balance method of depreciation. (Do not round any intermediate calculations, and round your final answer to the nearest dollar) A) $170,000 B) $214,000 C) S107,000 D) $85,000 3. Rotan, Inc. purchased a van on January 1,2018, for S8$0,000. Estimated life of the van was five years, and its estimated residual value was $94,000. Rotan uses the straight-line mcthod of depreciation. At the beginning of 2020, the corporation revised the total estimated life of the asset from five years to six years. The estimated residual value remained the same as estimated carlier.Calculate the depreciation expense for 2020 A) $151,200 B) $136,900 C) S113,400 D) $75,600 4. Celebrate Holidays Compay signed a 7%Oyear note forsi61,000. The company paid an installment of S2500 for the first month. What portion of first monthly payment is principal, not round any intermediate calculations, and round your final answer to the nearest dollar.) Interest expense for 1 month ($161,000-7%) x (1/12)-$939, Total payment-$2500 Principal amount ($2500-$939)-$1561 5.The balance in the Bonds Payable account is a credit of $67,000. The balance in the Discount on Bonds Payable account is a debit of $3350. What is the bond's carrying amount 6 The Lakeside Company issues $518,000 of its 10%, 10-year bonds at 106 on March 31, 2019. The bonds pay interest on March 31 and September 30. On September 30, 2019, how much cash did the company pay to PART II: SHORT ANSWERS, NO PARTIAL CREDIT. Show work (70 pts) 06 (30 pts): On January 1, 2018, Sullivan Company purchases $300,000 of property by paying $50,000 in cash and signing a 10-year mortgage note atl 3% for the balance Sullivan will make yearly payments of$46,072 Prepare the amortization schedule for the first five payments. (Round your answers to the nearest dollar.) Beginning Principal Interest Total Ending Balance Payment Payment Balance 01/01/2018 01/01/2019 01/01/2020 01/01/2021 01/01/2022 01/01/2023