Assume Reliable Transport Ltd.'s balance sheet includes the following assets under Property, Plant, and Equipment: Land, Buildings, and Motor Carrier Equipment Reliable has a separate accumulated depreciation account for each of these assets except land. Further, assume that Reliable completed the following transactions: (Click the icon to view the transactions.) Requirements 1. Record the transactions in Reliable Transport Ltd.'s journal 2. How does management choose which depreciation method to use? accumulated depreciation account for each of these assets except land. Further, assume that Reliable completed the Equipment and, Buildings, and Moto iewt i Transactions ns in entch 2017 Jan the t requi y egy e mot July Oct 2 Sold motor-carrier equipment with accumulated depreciation of $64,200 (cost of $129,000) for $67,000 cash. Purchased similar new equipment with a cash price $187.000 3 Sold a building that had cost $610,000 and had accumulated depreciation of $170,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building hauta 40-year useful life and a residual value of $290,000. Reliable received $105,000 cash and a $331,000 note receivable. 29 Purchased land and a building for a single price of $425,000. An independent appraisal valued the land at $157,000 and the building at $306,000. 31 Recorded depreciation as follows: New motor-carrier equipment has an expected useful life 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 carries a 40-year useful life and a residual value equal to 10% of its cost. Dec the ne Print Done