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Problem 1: (10 points) Rev. Cap. Ex For each of the following expenditures, indicate whether the amount is debited to an asset account or to an account Account Debited Transaction Paint job Major engine overhaul Tire replacement Asset modified for new use Rou normal operating condition Replacement of a roof at keeps a machine in Problem 2: (10 Points) Depletion MacLean Corm. purchased a mine on January 1, 2016, for $500,000.The mine is estimated to contain 30,000 tons of iron ore. There is no residual value. The business has extracted and sold 2,500 tons of ore in 2016. Prepare the journal entry to record depletion expense for 2016. (Round your intermediate calculations to the nearest cent.) Problem 3: (10 Points) LumPSum Foley Distribution Service paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $70,000, the building $42,000, and the equipment $28,000. Journalize the lump-sum purchase of the three assets for a total cost of $130,000, the amount for which the business signed a note payable. Problem 4: (10 Points) per Budget Hardware Consultants purchased a building for $452,000 and depreciated it on a straight- line basis over a 35-year period. The estimated residual value is $102,000. After using the building for 15 years, Budget realized that wear and tear on the building would wear it out before 35 years and that the estimated residual value should be $90,000. Starting with the 16th year, Budget began depreciating the building over a revised total life of 20 years using the new residual value. Journalize depreciation expense on the building for years 15 and 16

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