Jan 5: Purchased land, equipment, and a building. The land cost $1,000,000, the equipment cost $250,000, and

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Jan 5: Purchased land, equipment, and a building. The land cost $1,000,000, the equipment cost $250,000, and the building cost $1,000,000. The CEO said the land depreciates via the Straight-line depreciated method, the equipment depreciates via the Units of Production (UOP) method, and the building depreciates via the Double Declining Balance method. This was all paid for in cash. All land/PPE have a useful life of 5 years with a residual value of 25000. The UOP useful life = 500,000 units and this year we are expected to use 100,000 units.

Feb 2: Purchased 20 units of inventory from Fries Express at a total cost of $25000

Feb 10: Sold 15 units of inventory to Apple Company for $4000 per unit.

Feb 11: Paid for the inventory bought on February 2nd.

Feb 17: Apple Company paid for 8 units of inventory