Question #1 Long Lived Assets: Maverick Enterprises reported various transactions in 2018: A new machine was acquired for $45,300. The invoice terms were 2/10, n/30, but Maverick did not pay in time to take advantage of the 2% discount thus paid the gross amount. The company has a policy of recording assets on a net basis. To accommodate the needs of the new machinery, $350 was spent to improve the wiring in the building. Related software to install in the machine required for operation was purchased for $1,800. Installation of the new machinery cost $1,500. There were no component parts for the machine with different useful lives, so it was recorded on a. one account. b. Regular machine maintenance was carried out for $13,200. c. The building roof was replaced during the period at a cost of $26,800 to improve the insulation in the building and save on heating costs. The old roof had been recorded as a separate component. It had an original cost of $12,400 and was three-quarters depreciated. d. A major overhaul was done on heavy machinery for a cost of $45,200. This overhaul is expected to be completed every five years. c. Equipment with an original cost of $32,500 and accumulated depreciation of $26,000 was deemed unusable and was sold for $250 scrap value. f. Land and building were acquired from a member of the board of directors in exchange for 325,000 of the company's own common shares. The land was appraised at $37,500 and the building, $200,000. The facility will be used for long-term storage. The market value of common shares has been around $1.25 per share this year, with weekly highs and lows ranging from S1.80 to $0.50, respectively. g. Maverick paved its factory parking lot, previously a dirt lot, at a cost of $96,125. h. The company spent $378,000 in a research lab program this year. It was successful in developing three new commercial projects, which represented $146,000 of the expenditures budget. In addition, legal fees associated with the three successful projects amounted to $28,500. Required: Prepare journal entries to record the transactions listed above. State any assumptions made