1. The Jupiter Corporation acquired land, buildings, and equipment from a bankrupt company at a lump sum price of $96,000.The appraisal disclosed the following values:

Land$60,000

Buildings40,000

Equipment20,000

2. Smith Farms purchases a combine on January 1, 2015 for $50,000.Using the double declining balance method for depreciation, a 5 year lifetime and a $5,000 salvage value, what would be the book value of the combine December, 31, 2016?

3. A delivery truck costing $8,000 with a salvage value of $500 and an estimated useful life of 5 years was purchased on July 1 of Year 1. Depreciation Expense, Year 1, doubledeclining balance method would be