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Tutorial 6 Questions S10-1 Determining the cost of an asset Learning Objective Alton Clothing purchased land, paying SR8,000 cash plus a $250.000 note payable. In addition, Alton paid delinquent property tax of S1,900, title insurance costing S500, and $4,200 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. S10-2 Making a lump-sum asset purchase Learning Objective 1 Foley Distribution Service paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $70,000, the building S42,000. and the equipment S28,000. Journalize the lump-sum purchase of the three assets for a total cost of $130,000, the amount for which the business signed a note payable. S10-3 Computing first-year depreciation and book value Learning Objective 2 At the beginning of the year, Austin Airlines purchased a used airplane for $33.500.000. Austin Airlines expects the plane to remain useful for five years (4,000,000 miles) and to have a residual value of $5,500,000. The company expects the plane to be flown 1,100,000 miles during the first year. Requirements 1. Compute Austin Airlines's first-year depreciation expense on the plane using the following methods a. Straight-line b. Units-of-production c. Double-declining balance 2. Show the airplane's book value at the end of the first year for all three methods S10-4 Computing second-year depreciation and accumulated depreciation Learning Objective 2 At the beginning of 2016, Air Asia purchased a used airplane at a cost of $40,000,000. Air Asia expects the plane to remain useful for eight years (5,000,000 miles) and to have a residual value of $5,000,000. Air Asia expects the plane to be flown 1,200,000 miles the first year and 1,400,000 miles the second year. Requirements 1. Compute second-wear (2017) depreciation expense on the plane using the following methods a. Straight-line b. Units-of-production c. Double-declining-balance 2. Calculate the balance in Accumulated Depreciation at the end of the second year for all three methods