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please answer them quick 1. Archer Company purchased a truck for $200,000 cash on January 1, 2022. They estimate a 4 year life and $20,000
please answer them quick
1. Archer Company purchased a truck for $200,000 cash on January 1, 2022. They estimate a 4 year life and $20,000 salvage value. Archer used Double Declining Balance Depreciation. Required: Calculate the depreciation for the four years. 2. Baltimore Company purchased land for $300,000, cash. The following costs were paid in connection with the land: Legal fees $10,000 Commissions $20,000 Maintenance Charges were paid in advance for the upcoming year $10,000 Demolition charges to take down a dilapidated building $30,000. Required: record the cost of the land in the journal. 3. Calhoun Company purchased a patent for $200,000, cash the remaining useful life on the patent is four years. Required: Record the first year's amortization. 4. Dallas Company purchased a machine for $180,000 they estimate a two year life and $20,000 residual value. They use straight line depreciation. The truck was sold for $5,000 cash on January 1, 2023 Required: Prepare the appropriate journal entries for the truck Step by Step Solution
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