S-F-y-1 Determanang the cost of an asset (Learwing Objectire 1) Highland Clothing purchased land, paying 596,000 cash and sigring a 3300,000 rote payable. In addition, Highland paid delinguent property tax of \$1,100, tatle insurance costing \$600, and \$4,600 to level the land and remove an unwanted busiding. Record the journal entry for purchase of the land. S-F-9-2 Making a lump-sum asset purchase (Learning Objecfive 1) Concord per Care Clinic paid 5210,000 for a group purchase of land. brailding, and equipment. At the time of the acquisitiont, the land had a market value of 5110,000 , the building 588,000 , and the equigment \$22,000. Journalize the lump-sum purchase of the three assets for a total cost of 5210,000 , the amount for which the businces signod a note payable. 5-F=9-3 Compuating first-year depreciation and book value (Leaming Objective 2) On January 1, 2024, Air Canadians purchased a used asplane for $37,000,000. Air Canadians expects the plane to semain useful for five years (4,000,000 miles) and to have a residual value of 55,000,000. The company expects the plane to be flown 1,400,000 miles during the first year. Requirements 1. Comprate Ais Canadians' first-year depreciation expense on the plane using the following methods: a. Stratght-line b. Unite-of-production c. Double-declining balance 2. Show the aisplane's book value at the end of the first year for all three methods