THREE ACCOUNTING QUESTIONS….7-3 (Show Work)Determine cost of land? $715,725Express Delivery Company acquired an adjacent lot to construct a new warehouse, paying $80,000 and giving a short-term note for $620,000. Legal fees paid were $1,900, delinquent taxes assumed were $9,000, and fees paid to remove an old building from the land were $6,000. Materials salvaged from the demolition of the building were sold for $1,175. A contractor was paid $800,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.7-4Capital and revenue expendituresHometown Delivery Co. incurred the following costs related to trucks and vans used in operating its delivery service:Classify each of the costs as a capital expenditure or revenue expenditure.1. Changed the oil and greased the joints of all the trucks and vans.2. Changed the radiator fluid on a truck that had been in service for the past four years.3. Installed a hydraulic lift to a van.4. Installed security systems on four of the newer trucks.5. Overhauled the engine on one of the trucks purchased three years ago.6. Rebuilt the transmission on one of the vans that had been driven 40,000 miles. The van was no longer under warranty.7. Removed a two-way radio from one of the trucks and installed a new radio with a greater range of communication.8. Repaired a flat tire on one of the vans.9. Replaced a truck’s suspension system with a new suspension system that allows for the delivery of heavier loads.10. Tinted the back and side windows of one of the vans to discourage theft of contents.7-8 (Show Work)Straight-line depreciation? $3,170A refrigerator used by a meat processor has a cost of $86,750, an estimated residual value of $7,500, and an estimated useful life of 25 years. What is the amount of the annual depreciation computed by the straight-line method?
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