1. Calculate ending inventory using the gross profit method from the following information: Inventory 1/1/20 $60,000; purchases $170,000; Sales $210,000; Markup 30% 2. Journalize the following transactions: Purchased land for $50,000; paying $4,000 down; balance with note payable. Building purchased for $50,000 with fees of $5,000 for cash. Building roof was replaced for cash for $75,000. 3. ABC Co. purchased equipment for $50,000 with a salvage value of $5,000 on 2/1/20 with a life of five years. Calculate depreciation for 2020 using the sum of the digit and double declining balance method