The following information is provided for LAX, LLC for 2021: Vehicles 5,000 Salvage value Life in years Life in units Basket assets Land Land improv. Office building Factory Equipment Vehicles Total basket value: Equipment 35,000 7 900,000 Appraisal $ $ 720,000 54,000 1,710,000 720,000 360,000 36,000 $ 3,600,000 100,000 Salvage value Life in years Life in miles Units in 2021 131,853 Miles in 2021 24,608 Cash paid for basket: $ 3,500,000 1. Prepare the allocation table for the basket purchase: Allocation Land Land improv. Office building Factory Equipment Vehicles Appraisal $ $ 720,000 54,000 1,710,000 720,000 360,000 36,000 $ 3,600,000 Percent of total 20.00% 1.50% 47.50% 20.00% 10.00% 1.00% 100.00% Cash paid $ 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 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 Year Equipment Accumulated depreciation Book value VOU AWN=0 5. If LAX sold the equipment at the end of year 4 for $165,500, prepare the journal entry: Accounts Debits _ Credits Date 2024/12/31