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Alpha Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:
PP&E Element Amount
Land $10,000
Building 20,000
Equipment 30,000
Question 1: Alpha paid $45,000 cash for the lump sum purchase. What value should be allocated to the following? (Enter only whole dollar values.)
1. Land
2. Building
3. Equipment
Question 2: On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for $62,000. The estimated service life is eight years and the total units of output to be 200,000. The estimated residual value is $8,000. Using the straight-line method, how much is: (Enter only whole dollar values.)
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