Unit 2 Activity 6 - Assignment (2021) Ell - Tolbert Company purchased equipment on January 1, 2008 for $60.000. It is estimated that the equipment will have a $5,000 residual value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100.000 units over its 5-year life. Instructions Answer the following independent questions. 1. Calculate the amount of amortization expense for the year ended December 31, 2008, using the straight-line method of amortization. 2. If 16.000 units of product are produced in 2008 and 24.000 units are produced in 2009. what is the book value of the equipment at December 31, 2009 using the units-of-activity amortization method. 3. If the company uses the double declining-balance method of amortization, what will be the balance of the Accumulated Amortization-Equipment account at December 31, 2010? E27 - McGuinness Mining Company purchased land containing an estimated 15 million tonnes of ore at a cost of $5.400,000. The land without the ore is estimated to be worth $600,000. The company expects to operate the mine for 10 years. Buildings costing $800,000 are erected on the site and are expected to last for 25 years. Equipment costing $1,000,000 with an estimated life of 12 years is installed. The buildings and the equipment possess no residual value after the mine is closed. During the first year of operations, the mining company mined and sold 2 million tonnes of ore. Instructions (a) Calculate the amortization cost per tonne of the mine. (b) Calculate the amortization expense for the first year on the mine. (c) Calculate the appropriate first year's amortization expense for the buildings. (d) Calculate the appropriate first year's amortization expense for the equipment