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In January 2009, Solaris Co. pays $2,650,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $692,530, with a useful life of 20 years and an $85,000 salvage value. A lighted parking lot near Building 1 has improvements (Land Improvements 1) valued at $451,650 that are expected to last another 12 years with no salvage value. Without the buildings and improvements, the tract of land is valued at $1,866,820. Solaris also incurs the following additional costs:
1. Prepare a table with the following headings: Land, Building 2, Building 3, Land Improvements 1, and Land Improvements 2. Allocate the costs incurred by Solaris to the appropriate colums and total each column.2. Prepare a single journal entry to record all the incurred cost assuming they are paid in cash on January 1, 20093. Using straigt-line method, prepare the Dec. 31 adjusting entries to record depreciation for the 12 months of 2009 when these assets were in use.
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