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Belkin Freight provides general freight service in Canada. The business's balance sheet includes the following assets under Property. Plant, and Equipment Land, Buildings, and Trucks. Belkin Freight has a separate accumulated amortization account for each of these assets except land. Assume that Belkin Freight completed the following transactions during 2020 (Click the icon to view transaction data.) Transaction Data - X Feb. 6 Jun 3 Dec 31 Traded in the old moving truck with a book value of $140.000 (cost of $360,000) for a similar new truck with a fair market value of $365,000. Belkin Freight received a trade-in allowance of $155,000 on the old truck and paid the remainder in cash. This transaction met the criteria for commercial substance Sold a building that had cost $1.650,000 and had accumulated amortization of 5580,000 through December 31, 2019. Amortization is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $170.000 Belkin Freight received $315,000 cash and a $1,100.000 note receivable. Purchased land and a building for cash for a single price of 5870.000. An independent appraisal valued the land at $290.000 and the building at $415,000 The truck has an expected useful life of four years and estimated residual value of 6 percent of cost. Amortization is computed using the DDB method Amortization on buildings is computed by the straight-line method. The company had assigned to its older buildings, which cost $4.350.000. an estimated useful life of 30 years with a residual value equal to 30 percent of the asset cost. However the owner of Belkin Freight has come to believe that the buildings will remain useful for a total of 35 years. Residual value remains unchanged. The company has used all its buildings, except for the one purchased on September 25, for 10 years. The new building carries a 35-year useful life and a residual value equal to 30 percent of its cost Make separate entries for amortization on the building acquired on September 25 and the other buildings purchased in eadier years Print Done Required Record the transactions in Belkin Freight's general journal. Feb. 6 Traded in the old moving truck with a book value of $140,000 (cost of $360,000) for a similar new truck with a fair market value of $365,000. Belkin Freight received a trade in allowance of $155,000 on the old truck and paid the remainder in cash. This transaction met the criteria for commercial substance (Record debits first, then credits. Exclude explanations from journal entries) Journal Entry Date Accounts Debit Credit Jun 3 Sold a building that had cost $1,650,000 and had accumulated amortization of $580,000 through December 31, 2013 Amortization is computed on a straight-line basis. The building has a 40 yearful life and a residual value of $170,000. Belkin Freight received $315,000 cash and a $1,100,000 note receivable Before we record the sale of the building, we must record the amortization expense for the first five months of the year Journal Entry Accounts Date Debit Credit Jun Next, we can record the sale of the building Journal Entry Accounts Date Debit Credit Sep. 25. Purchased land and a building for cash for a single price of $870,000. An independent appraisal valued the land at $290,000 and the building at 5415,000. (Round your answer to the nearest whole number.) Journal Entry Date Accounts Debit Credit Sep 25 Dec. 31. The new truck has an expected useful life of four years and estimated residual value of 6 percent of cost. Amortization is computed using the DDB method. (Do not round intermediary calculations. Only round your answer to the nearest dollar.) Journal Entry Date Accounts Credit Dec Dec 31. Amortization on buildings is computed by the straight line method. The company had assigned to its older buildings, which cost $4.350,000, an estimated useful le of 30 years with a residual vare equal to 30 percent of the asset cost. However, the owner of Belkin Freight has come to believe that the buildings will remain useful for a total of 35 years Residual value remains unchanged. The company has used all its buildings, except for the one purchased on September 25, for 10 years. The new building carries a 35 year useful life and a residual value equal to 30 percent of its cost. Make separate entries for amortization on the building acquired on September 25 and the other buildings purchased in earlier years Now we will record the amortization on the new building for the portion of the year which we owned it. Do not found intermediary calculations. Only round your answer to the nearest dollar.) Journal Entry Date Debit Credit Dec Record the amortization on the other buildings acquired in earlier years. (Do not round intermediary calculations. Only round your answer to the nearest dollar.) Journal Entry Date Accounts Debit Credit Dec. 31