The accounts of Haley-Davis Printing Company include Land, Buildings, and Equipment. Haley-Davis has a separate accumulated depreciation account for each asset. During 2007 , the company completed the following transactions:

Requirement 

Record the transactions in Haley-Davis's journal.

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Jan. 1 Traded in equipment with accumulated depreciation of $90,000 (cost of $130,000) for similar new equipment. Haley-Davis also paid $80,000 cash. (p. 523) July 1 Sold a building that cost $550,000 and that had accumulated depreciation of $250,000 through December 31 of the preceding year. Haley-Davis received $100,000 cash and a $200,000 note receivable. (p. 523) Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $50,000. (pp. 405, 411) Aug. 31 Purchased land and a building for a lump-sum payment of $300,000. An independent appraisal valued the land at $105,000 and the building at $210,000. (p. 508) Dec. 31 Recorded depreciation as follows: Equipment has an expected useful life of 1,000,000 units of output and estimated residual value of $20,000. Depreciation is units-of-production. During the year, Haley- Davis produced 150,000 units of output. (pp. 513, 519-520) Depreciation on buildings is straight-line. The new building has a 40-year useful life and a residual value equal to $50,000. (pp. 512, 519-520)