$1.$ On $4$ January $20$X$7,$ a new piece of equipment was purchased for $48,500.$ The equipment is made up of various components; each item is considered significant. The components include: engine, exterior frame, interior components, wheels. The cost of the components, and useful life, are broken up as follows:

$1)$ Engine: $$11,500,5-$year useful life

$2)$ Chassis: $$15,000,6-$year useful life

$3)$ Body: $$13,500,10-$year useful life

$4)$ Auxiliary and other components: $8,500,4-$year useful life

Required:

Prepare the journal entry to record depreciation for each component in $20$X$7,$ using the straight$-$line method.

$2.$ Assume a company acquired land costing $$4,500,000.$ The company also capitalized a separate land improvements account for site remediation, as required by law. The present value of site restoration costs is $$550,000.$ The land will be used for $25$ years, and then retired.

Required:

Prepare the journal entry to record the depreciation for the site restoration costs.

Please answer both with detailed answers and clear explanations. Thank you very much in advance.