solved 1)In 2020, Emperor Corp. had expenditures related to the purchase

1)In 2020, Emperor Corp. had expenditures related to the purchase and preparation of land. The following information are related expenditures:Purchase price of the land$400,000Cost to construct asphalt parking lot$22,000Cost of commission$16,000Repairs made to broken windows in February 2022$2,700The parking lot was necessary to build before the land could be used. The parking lot has a 10 year useful life before it needs to be repaved. The commission was necessary to purchase the land. What amount should Emperor capitalize as the cost of “Land”?Show your calculation.2)On June 30th, 2020, Skadooble Company decided to replace the flooring in its building. The new flooring cost $20,000. The old flooring had a carrying value of $3,000 (Historical Cost $17,000 and Accumulated Depreciation $14,000). What is the appropriate journal entry to account for this?3)Astronominal Corporation decided to sell some of its equipment. The equipment was originally purchased on December 31, 2017 for $100,000 with a useful life of 10 years. On December 31, 2021, Astronominal sold the equipment for $75,000. What was the gain or loss recognized on the transaction (if any)? Show your calculations.4)On February 1, Stereo Lovers Co. began construction of a building. Payments began February 1st, and the final payment was made June 1st: The building was completed and put into service onSeptember 1. To help pay for construction, specific debt was borrowed (see amount and rate below). Stereo Lovers Co. also had 2 additional loans already outstanding (details below).Monthly Payments, February 1st – June 1st$240,000Specific Debt for Construction$400,000 at 8%Other General Loan #1$2,000,000 at 10% interestOther General Loan #2$4,000,000 at 16%Using this data, answer the following:A) Calculate the weighted-average accumulated expenditures. Show your work.B) Calculate the Avoidable Interest. Show your work.C) Write the journal entry needed to capitalize the interest assuming interest has already been paid.5)Briefly define which kinds of costs should be capitalized in the acquisition of a long-term asset6)Briefly describe why Land and Land Improvements are separate accounts.7)Orlando Company recently purchased land and two buildings. The $1,200 cost of removing the smaller building, which has an appraisal value of $6,200, is recorded.Which account or accounts should be debited for this transaction?a)asset(s) only (NOT including contra-assets such as accumulated depreciation)b)accumulated amortization, or accumulated depreciation onlyc)expense onlyd)asset(s) and expense8)Jim Parra and Mary Lawson, maintenance workers, repaired a broken widget in an old machine in the plant. This repair returned the machine to its normal expected operation. The wages earned during this repair, $120, is recorded.Which account or accounts should be debited for this transaction?a)expense onlyb)asset(s) only (NOT including contra-assets such as accumulated depreciation)c)accumulated amortization, or accumulated depreciation onlyd)asset(s) and expense