The Italian Bread Company purchased land as a factory site for $59.000. An old building on the property was demolished, and construction began on a new building. Costs incurred during the first year are listed as follows: Demolition of old building Sale of salvaged materials Architect fees (for new building) Legal fees (for title investigation of land) Property taxes on the land for the first year) Building construction costs Interest costs related to the construction $ 7.900 (1,200) 14,500 1.900 2.900 490,000 17,500 Required: Determine the amounts that the company should record in the Land and the Building accounts. (Amounts to be deducted should be Indicated by a minus sign.) Land Building Prev 1 of 4 5 Next > Required information The following information applies to the questions displayed below.) University Car Wash built a deluxe car wash across the street from campus. The new machines cost $222,000 including Installation. The company estimates that the equipment will have a residual value of $21,000. University Car Wash also estimates it will use the machine for six years or about 12,000 total hours. Actual use per year was as follows: Year 1 2 or Used 2 .700 1.500 1,600 2,400 2.200 1,600 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) UNIVERSITY CAR WASH Depreciation ScheduleStraight-Line End of year amounts Depreciation Accumulated Book Value Expense Depreciation Your Required information (The following information applies to the questions displayed below.) University Car Wash built a deluxe car wash across the street from campus. The new machines cost $222,000 including installation. The company estimates that the equipment will have a residual value of $21,000. University Car Wash also estimates it will use the machine for six years or about 12.000 total hours. Actual use per year was as follows: Year Hours Used 2,700 1,500 1.600 2.200 -1,600 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) UNIVERSITY CAR WASH Depreciation Schedule Straight-Line End of year amounts Depreciation Accumulated Expense Book Value Depreciation Year