1. (Click the icon to view the transactions.) Read the requirement. More info Jan 3 Traded in equipment with accumulated depreciation of $67,000 (cost of $135,000 ) for similar new equipment with a cash cost of $178,000. Received a trade-in allowance of $73,000 on the old equipment and paid $105,000 in cash. Jun 30 Sold a building that had a cost of $640,000 and had accumulated depreciation of . building has a 40 -year useful life and a residual value on a straight-line basis. The building has a 40 -year useful life and a residual value Oct 31 Purchased land and a building for a single price of $350,000 cash. An independent appraisal valued the land at $127,400 and the building at $236,600. Dec 31 Recorded depreciation as follows: Equipment has an expected useful life of five years and an estimated residua! value of 12% of cost. Depreciation is computed using the double-declining-balance method Depreciation on buildings is computed using the straight-line method. The new building carries a 40 -year useful life and a residual value equal to 20% of its cost