Assume inter Contrental Transport Lid's balance sheet includes the following assets under Property, Plant, and Equipment Land, Buildings, and Motor Carrier Equipment InterContinental has a separate accumulated depreciation account for each of these as except land. Further, assume that Inter-Continental completed the following transactions Click the icon to view the transactions.) Requirements Record the transactions in InterContinental Transport Lad's journal 2. How does management choose which depreciation method to use? Requirement 1. Record the transactions in InterContinental Transport Ltd's journal January 2.2020 Sold motor camer equipment with accumulated depreciation of $74,300 (cost of $139,000) for $65,000 cash. Purchased similar new equipment with a cash price $181,000 Jumat the sale of the motor canter equipment (Record debits first, then credits. Explanations are not required.) Date Accounts Help me solve this Calculator Ask my instructor Debit Credit Transactions 2020 Jan. 2 Sold motor-camier equipment with accumulated depreciation of $74.300 (cost of $139,000) or $65,000 cash Punhased in new equipment with a cash price $181,000 July 3 Sold a building that had coet S000,000 and had accumulated depreciation of $170.000 though December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building had a 40-year useful ife and a residual value of $280,000. InterContinental received $107,000 cash and a $378,250 receivable Oct. 29 Purchased and and a building for a single price of $420.000 An independent appraisal valued the land at $157,000 and the building at $300,000 Dec. 31 Recorded depreciation New motor-camier equipment has an expected useful of 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 building cames a 40-year useful life and a residual value equal to 10% of its cost