Assume Trusty Transport Ltd's balance sheet includes the following assets under Property, Plant, and Equipment Land Buildings and Motor Carrier Equipment Further, assume that Trusty completed the following transactions (Click the icon to view the transactions.) Requirements 1. Record the transactions in Trusty Transport Ltd's journal 2. How does management choose which depreciation method to use? Requirement 1. Record the transactions in Trusty Transport Ltd S journal January 2, 2020 Sold motor-carrier equipment with accumulated depreciation of S70,600 (cost of $135,000) for $56,000 cash Purchased similar new equipment Joumalize the sale of the motor carrier equipment (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Jan 2 Record the purchase of the new motor carrier equipment Journal Entry Debit Credit and Motor Carrier Equipment. Trusty has a separate accumulated depreciation account for each of these assets except land chased similar new equipment with a cash price $187.000 Requirements 1 Record the transactions in Trusty Transport Ltd 's journal 2. How does management choose which depreciation method to use? Record the purchase of the new motor carrier equipment Journal Entry Date Accounts Debit Credit Jan 2 July 3 Sold a building that had cost S670 000 and had accumulated depreciation of S160,000 through December 31 of the preceding your Depreciation is computed $220,000. Trusty received $104,000 cash and a $400,375 note receivable Record the depreciation expense for July 3 (Use the full months for calculations, Round to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit July Choose from any list or enter any number in the input fields and then continue to the next question D 1 Debit Credit on of $160,000 through December 31 of the preceding yoat Depreciation is computed on a straight line basis. The building had a 40-year useful and a residual unor tians. Round to the nearest whole dollar) Debit Credit tinue to the next question 14 20C Mostly sunny 139 2011 3 Assume Trusty Transportuld's balance sheet includes the following assets under Property, Plant, and Equipment Land, Buildings, and Motor Comer Equipment Trust Further, assume that Trusty completed the following transactions (Click the icon to view the transactions.) Requirements 1 Record the transactions in Trusty Transport Lidsjournal 2 How does management choose which doprociation method to use? Record the depreciation expense for July 3 (Use the full months for calculations. Round to the nearest whole dollar) Journal Entry Date Accounts Debit Credit July 3 Record the sale of the building on July 3 Journal Entry Date Accounts Debit Credit July 3 Choose from any list or enter any number in the input fields and then continue to the next question Numer mot Trusty Click the icon to view the transactions.) Requirements 1. Record the transactions in Trusty Transport Lid's journal 2. How does management choose which depreciation method to use? October 29 Purchased land and a building for a single price of $420,000. An independent appraisal valued the land at $153,000 and the building at $300.000 (Hold all del dollar.) Journal Entry Date Accounts Debit Credit Oct 20 December 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 batan 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 Record the depreciation expense on the equipment for December 31 (Hold all decimals for interim calculations. Round your final answer to the nearest whole dollari Journal Entry Accounts Debit Credit Date DAT 31 Choose from any list or enter any number in the input fields and then continue to the next question December 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-denishing 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 Record the depreciation expense on the equipment for December 31 Hold all decimals for Interim calculation. Round your final answer to the nearest wholu dollar) Journal Entry Date Accounts Debit Credit Doc 31 Record the depreciation expense on the burdings for Decomber 31 (Hold all decimals for interim calculations. Round your final answer to the nearest whole dollar) Journal Entry Date Accounts Debit Credit Doc Choose from any list of enter any number in the input fields and then continue to the next question * Transactions al 2020 Jan 2 Sold motor-carrier equipment with accumulated depreciation of $70,600 (cost of $135,000) for $66,000 cash. Purchased similar new equipment with a cash price $187,000 July 3 Sold a building that had cost $670,000 and had accumulated depreciation of $160,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building had a 40-year useful life and a residual value of $220,000. Trusty received $104,000 cash and a $400,375 note receivable Oct 29 Purchased land and a building for a single price of $429,000. An independent appraisal valued the land at $153,000 and the building at $306,000 Dec. 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 ed Print Done in amounts of reve ou continue to the next