The following information is provided for LAX, LLC for 2021: Vehicles 995,000 Equipment 500,000 6.50 10,500,000 Salvage value Life in years Life in units Salvage value Life in years Life in miles Basket assets Land Land improv. Office building Factory Equipment Vehicles Total basket value: 24,000,000 Appraisal $ $ 62,000,000 8,000,000 142,000,000 154,000,000 30,000,000 4,000,000 $ 400,000,000 Units in 2021 1,500,000 Miles in 2021 5,000,000 Cash paid for basket: $ 385,000,000 1. Prepare the allocation table for the basket purchase: Allocation Land Land improv. Office building Factory Equipment Vehicles Appraisal $ $ 62,000,000 8,000,000 142,000,000 154,000,000 30,000,000 4,000,000 $ 400,000,000 Percent of total 15.50% 2.00% 35.50% 38.50% 7.50% 1.00% Cash paid $ 385,000,000 385,000,000 385,000,000 385,000,000 385,000,000 385,000,000 100.00% 2. Make the journal entry to post the assets: Accounts Debits Credits Date 2021/1/1 3. Calculate the annual depreciation expense for the equipment and vehicles: Equipment Vehicles Straight-line Activity-based Difference: 4. Prepare the straight-line depreciation table for the equipment: Annual depreciation Accumulated depreciation Equipment Book value 5. If LAX sold half of the equipment at the end of year 5 for $3,000,000, prepare the journal entry: Accounts Debits Credits Date 2025/12/31