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Kelly Melnik owns and operates Aaladin Print Co. During July, Aaladin Print Co. incurred the following costs in acquiring two printing presses. One printing press was new, and the other was used by a business that recently filed for bankruptcy. Costs related to new printing press: 1\. Sales tax on purchase price 2\. Insurance while in transit 3\. Freight 4\. Special foundation 5\. Fee paid to factory representative for installation 6\. New parts to replace those damaged in unloading Costs related to used printing press: 7\. Fees paid to attorney to review purchase agreement 8\. Installation 9\. Repair of vandalism during installation 10\. Replacement of worn-out parts 11\. Freight 12\. Repair of damage incurred in reconditioning the press a. Indicate which costs incurred in acquiring the new printing press should be debited to the asset account. b. Indicate which costs incurred in acquiring the used printing press should be debited to the asset account.

Next Day Delivery Company acquired an adjacent lot to construct a new warehouse, paying \( 25,000\) and giving a short-term note for \( 175,000\). Legal fees paid were \( 1,200\), delinquent taxes assumed were \( 10,850\), and fees paid to remove an old building from the land were \( 15,000\). Materials salvaged from the demolition of the building were sold for \( 2,400\). A contractor was paid \(\$ 760,000\) to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

On April 1, Senorita's Delivery Services acquired a new truck with a list price of \( 75,000\). Senorita's received a trade-in allowance of \( 15,000\) on an old truck of similar type, paid cash of \( 10,000\), and gave a series of five notes payable for the remainder. The following information about the old truck is obtained from the account in the equipment ledger: cost, \( 48,000\); accumulated depreciation on December 31 , the end of the preceding fiscal year, \( 32,000\); annual depreciation, \( 8,000\). Journalize the entries to record (a) the current depreciation of the old truck to the date of trade-in and (b) the transaction on April 1 for financial reporting purposes.