1.Daniel Company purchased equipment for $30,000. Sales tax on the

purchase was $1,500. Other costs incurred were freight charges of $400, repairs of $700 for damage during installation, and installation costs of $450. What is the cost of the equipment?
2.Lenoir Corporation constructed a building at a cost of $14,000,000. Weighted-average accumulated expenditures were $5,600,000, actual interest was $560,000, and avoidable interest was $280,000. If the salvage value is $1,120,000, and the useful life is 40 years, depreciation expense for the first full year using the straight-line method is
3.Jeremy Products purchased a machine for $65,000 on July 1, 2017. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $5,000. Depreciation for 2017 is
4.Otis Corporation purchased a patent for $405,000 on September 1, 2016. It had a useful life of 10 years. On January 1, 2018, Otis spent $99,000 to successfully defend the patent in a lawsuit. Otis feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2018?
5.In 2010, Dale Company purchased a tract of land as a possible future plant site. In January, 2018, valuable sulphur deposits were discovered on adjoining property and Dale Company immediately began explorations on its property. In December, 2018, after incurring $480,000 in exploration costs, which were accumulated in an expense account, Dale discovered sulphur deposits appraised at $2,700,000 more than the value of the land. To record the discovery of the deposits, Dale should

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