3 of 4 Land Chung co More Info Jan 3 Traded in equipment with accumulated depreciation of $66,000 (cost of $135,000) wance for similar new equipment with a cash cost of $178,000. Received a trade-in allowance of $70,000 on the old equipment and paid $108,000 in cash. Sold a building that had a cost of $645,000 and had accumulated depreciation of $165,000 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 $285,000. Chung received $150,000 cash and a $325,500 note receivable. Purchased land and a building for a single price of $370,000 cash. An independent appraisal valued the land at $175,950 and the building at $215,050. Recorded depreciation as follows: Jun 30 Oct 31 Dec 31 Equipment has an expected useful life of five years and an estimated residual value of 5% of cost Depreciation is computed on the double-declining-balance method. Depreciation on buildings is computed by the straight-line-method. The new building carries a 40-year useful life and a residual value equal to 20% of its cost. on a s June 3 Print Done MacBook Air