Regal Freight-way provides freight service. The company's balance sheet includes Land, Buildings, and Motor-Carrier Equipment. Regal Freight-way uses a separate accumulated depreciation account for each depreciable asset. During 2016, Regal Freight-way completed the following transactions:

Jan 1 Traded in motor-carrier equipment with accumulated depreciation of $88,000 (cost of $140.000) for new equipment with a cash cost of $128000. Regal Freight-way received a trade-in allowance of $63,000 on the old equipment and paid the remainder in cash.

Jul 1 Sold a building that cost $570,000 and had accumulated depreciation of $270.000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $50000. Regal Freight-way received $110000 cash and a $260000 note receivable.

Oct 31 Purchased land and a building for a cash payment of $650.000. An independent appraisal valued the land at $235,950 and the building at $479,050.

Dec 31 Recorded depreciation as follows:

New motor-carrier equipment has an expected useful life of 500,000 miles and an estimated residual value of $18,000. Depreciation method is the units-of-production method. During the year. Regal Freight-way drove the equipment 200,000 miles

Depreciation on buildings is straight-line. The new building has a 40-year useful life and a residual value equal to $64,700.

Requirements

Record the transactions in Regal Freight-way's journal?