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AutoSave OFF Chapter 10 Lab- Students (1) Home Insert Draw Page Layout Formulas Data Review View X Cut Calibri (Body) 14 A A = 2 Wrap Text General Paste [ Copy Format BIUvv GAV E E Merge & Center v $ ~ % " Conditional Format Formatting as Table Sty X V fx CHAPTER 10 - LAB QUESTION 1 D E F G H CHAPTER 10 - LAB QUESTION 1 On January 1, 2018, Major Company pays a lump sum amount of $2,000,000 for Land, Building 1, Building 2 and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $1,440,000 with a useful life of 20 years and a salvage value of $200,000. Land Improvements 1 is appraised at $240,000 with a useful life of 5 years and a salvage value of $40,000. The Land is appraised for $720,000. Major Company also incurs the following additional costs: Cost to Demolish Building 1 200,000 Cost of Additional Land Grading $ 60,000 Cost to Construct Building $ 2,150,000 (useful life of 25 years and $150,000 salvage) Cost to Construct Land Improvements 2 90,000 (useful life of 6 years and no salvage) 1. Prepare a table with the following column headings: Land, Building 1, Building 2, Building 3, Land Improvements 1 and Laand Improvements 2. Allocate the costs incurred by Major to the appropriate columns and total each column (Lab 1 Solution Tab). 2. Prepare a single journal entry to record all of the incurred costs assuming they are paid on January 1, 2018 (Lab 1 Solution Tab). 3. Using the straight-line method, prepare the December 31, 2018 adjusting entries to record the depreciation expense for the first year the assets were in use (Lab 1 Solution Tab) +