7 On March 31, 2024, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,080,000 to the various types of assets along with estimated useful lives and residual values are as follows: 2/4 points awarded Scored Estimated Asset Land Cost $ 140,000 Residual Value N/A Estimated Useful Life (in years) N/A Building Equipment Vehicles Total 580,000 none 25 160,000 200,000 10% of cost $ 14,000 8 10 $ 1,080,000 eBook Print References On June 29, 2025, equipment included in the March 31, 2024, purchase that cost $108,000 was sold for $88,000. Herzog uses the straight-line depreciation method for building and equipment and the double-declining-balance method for vehicles. Partial-year depreciation is calculated based on the number of months an asset is in service. Required: 1. Compute depreciation expense on the building, equipment, and vehicles for 2024. 2. Prepare the journal entries to record the depreciation on the equipment sold on June 29, 2025, and the sale of equipment. 3. Compute depreciation expense on the building, remaining equipment, and vehicles for 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation expense on the building, equipment, and vehicles for 2024. Note: Do not round intermediate calculations. Depreciation Expense Building $ 27,400 Equipment $ 13,500 Vehicles $ 27,900 < Required 1 Required 2 > Required 1 Required 2 Required 3 Prepare the journal entries to record the depreciation on the equipment sold on June 29, 2025, and the sale of equipment Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not ro intermediate calculations. Round your final answers to nearest whole dollar. No Date General Journal 1 June 29, 2025 Depreciation expense Equipment 2 June 29, 2025 Cash Loss on sale of equipment. Equipment Debit Credit 6,075 6,075 88,000 4,813 92,813 < Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation expense on the building, remaining equipment, and vehicles for 2025. Note: Do not round intermediate calculations. Depreciation Expense Building S 23,000 x Equipment $ 5,850 Vehicles $ 33,068 x < Required 2 Required 3 >