1 Wuebuil. 20 pts 2 of 4 (1 complete) This Test: 55 pts posse Assume Trusty Transport Lid's balance sheet includes the following assets under Property, Plant, and Equpment Land. Bulongs, and Motor Comer Equipment Trusty has separate accumulated depreciation account for each of these assets except land. Further, assume that Trusty completed the following transactions (Click the icon to view the transactions Transactions Requirements 1. Record the transactions in T 2. How does management choq Requirement 1. Record the tra January 2, 2020. Sold motor-ca price $187,000 neweguiment with a cash Journalize the sale of the motor 2020 Jan 2 Sold motor-carrier equipment with accumulated depreciation of $70,000 (cost of $135,000) for $60,000 cash Purchased simile new equpment with cash price $187000 3 Sold a building that had cost $670,000 and had accumulated preciabon of $160,000 through December 31 of the preceding your Depreciation is computed on a straightane basis The building had a 40-year useful life and a residual value of $220.000 Trust received $104000 cash and a $400 375 not receivable Oct 29 Purchased land and a building for a single price of 1429,000 An independent appraisal valued the land at $153.000 and the building at $306,000 Dec 31 Recorded depreciation as follows Now motor.carrier equipment has an expected useful for six years and an estimated residual value of 5% of cost Depreciation is computed on the double-diminishing balance method Depreciation on buildings is computed by the straight line method. The new bulding cames a 40-year useful and a residual value equal to 10% of its cost Date Cash Jan or Accumulated De Motor Carrier Ed Motor Cartier Ed 3 Record the purchase of the new Print Done 5d Date Choose from any list or enter any number in the input fields and then continue to the next question SH 18C Sun al complete) This Test: 55 pts pos Assume Trusty Transport Ltd's balance sheet includes the following assets under Property, Plant, and Equpment Land, Buildings, and Motor Carrier Eupert Trusty has a separate accumulated depreciation account for each of these assets except land. Further, assume that Trusty completed the following transactions Click the icon to view the transactions.) Requirements 1 Record the transactions in Trusty Transport Ltd's journal 2. How does management choose which depreciation method to use? Requirement 1. Record the transactions in Trusty Transport Ltd's journal, January 2, 2020 Sold motor-carrier equipment with accumulated depreciation of $70 600 (cost of $135.000) for $66,000 cash Purchased tierular now equipment with a cielo price $187.000 d Journalize the sale of the motor camer equipment (Record debits first, then credits. Explanations are not required) Journal Entry Date Accounts Debit Credit Jan 71.000 Accumulated Depreciation Motor Camer Equipment Motor Camer Equipment Cold) 70.000 Motor Carrier Equipment fold) 135.000 2 Cash 2 -3 Record the purchase of the new motor carrier equipment Journal Entry -50 un Date Accounts Debit Credit ald Choose from any list or enter any number in the input fields and then continue to the next question SSH 18C Sunny DOLL L complete) This Test: 55 pts poss Assume Trusty Transport Ltd's balance sheet includes the following assets under Property Partand Equipment Land, Buldings, and Motor Care Ecument Trusty has a separate accumulated depreciation account for each of these assets except and Further, assume that Trusty completed the following transactions (Click the icon to view the transactions.) 2 Requirements 1 Record the transactions in Trusty Transport Led's journal 2 How does management choose which depreciation method to use? Record the purchase of the new motor camer equipment Journal Entry Date Accounts Jan 2 Gain on Sale of Motor Carrier Equipment in Cash Debit Credit 187.000 2 July 3 Sold a building that had cost $670,000 and had accumulated depreciation of $100.000 through December of the preceding war. Depreciabon is computed on a straight-line basis. The building had a 40-year useful and a residualvave of $220.000 Trusty received $104,000 cash and a $400.375 notere wale Record the depreciation expense for July 3 (Use the full months for calculations. Round to the nearest whole dollar). Journal Entry Date Accounts Debit Credit GUM 3 Depreciation Denise Building 3 550 un dir Choose from any list or enter any number in the input fields and then continue to the ned question SH ce 18C Soy o II DOLL complete) This Test: 55 pts poss Assume Trusty Transport Ltd's balance sheet includes the following assets under Property, Plant, and Equipment Land, Buildings, and Motor-Camer Eet Trusty has a separate accumulated depreciation account for each of these assets except and Further, assume that Tuity completed the following transaction (Click the icon to view the transactions.) Requirements 1 Record the transactions in Trusty Transport Ltd's journal 2. How does management choose which depreciation method to use? Recora the sale orme ding on guys Journal Entry Date Accounts Debt Credit pl October 29. Purchased land and a building for a single price of $429,000, An independent appraisal valued the land at $153,000 and the building at $306,000 Hold all decimals for Interim calculations. Round your final answer to the nearest whole dollar) Journal Entry Credit Debit Accounts Date Oct 29 th 650 dir Choose from any list or enter any number in the input fields and then continue to the next question Cash TIC SOM Ste DELL