Please answer the following questions, Thanks!

Q1

lnstmctlons: Complete the requirements specied for each of the following independent situations. A. Everett Company purchased land and a modern oice building on March 1 for a combined cash price of $600,000. The land had a cost of $350,000 and the building had a net book value of $100,000 on the seller's books. The land and building had fair market values of $390,000 and $210,000, respectively on March 1. Everett made the following entry at acquisition: Land 350,000 Building 400,000 Gain on Purchase 50,000 Accumulated Amortization 100,000 Cash 600,000 Prepare the correct entry for the acquisition. Neagle Company bought machinery on January 1, 1999 at a cost of $100,000. The machinery had an estimated life of 10 years and salvage value of $10,000. In December 2001, Neagle estimates that the machinery will have a life of only 5 more years and an $12,000 salvage value. Neagle uses straight-line amortization. Calculate the revised annual amortization. C. Runge Company bought equipment on July 1, 2000 at a cost of $300,000. The equipment has an estimated useful life of 5 years and salvage value of $80,000. Runge uses the double-declining-balance method of amortization. Calculate amortization for 2000 and 2001. D McDermid Construction sold a crane for $12,000 cash. The crane cost $16,000, had $7,000 of accumulated amortization, and a fair market value of $13,000. In recording the sale, a gain (loss) should be recorded at The following cases are independent and relate to short-term notes payable. Principal and interest are to be paid at maturity in all cases. Fill in the missing items in the table below. If no number is required, enter zero. Items marked XXXX need not be calculated. Interest is to be calculated using months. Case Principal Interest Rate Note Given Repaid 12:31:01 1 . $60,000 8% 9(30l01 9(30l02 2. $30,000 10% 9l1l00 311 01 3. $45,000 8% $1 .800 4. $20,000 4l1l01 4I1l02 1 ,350 5. 12% 12I1l01 3I1l02 XXXX Note to be Interest Payable 2002|nterest 1011.301 6I1f02 1,600 Expense $ 900 1 ,000