Westway Freight Co. provides local freight service in Lincoln, Nebraska. The com- pany's balance sheet includes the following assets under Property, Plant, and Equipment: Land, Buildings, and Motor-Carrier Equipment. Westway has a separate accumulated depre- ciation account for each of these assets except land. Assume that Westway Freight Co. com- pleted the following transactions: Jan. 2 Traded in motor-carrier equipment with book value of $47,000 (cost of $130,000) for similar new equipment with a cash cost of $176,000. Westway received a trade- in allowance of $70.000 on the old equipment and paid the remainder in cash. July 1 Sold a building that cost $550,000 and that had accumulated depreciation of $247.500 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 30-year useful life and a residual value of $55,000. Westway received $100,000 cash and a $600,000 note receivable. Purchased land and a building for a single price of $300,000. An independent appraisal valued the land at $115,000 and the building at $230,000. Recorded depreciation as follows: Oct. 26 Dec. 31 Required Motor-carrier equipment has an expected useful life of six years and an estimated residual value of 5% of cost. Depreciation is double-declining-balance. Depreciation on buildings is straight-line. The new building has a 40-year useful life and a residual value equal to 12% of its cost. Record the transactions in Westway Freight's journal.