Assume Trusty Transport Ltd.'s balance sheet includes the following assets under Property, Plant, and Equipment Land, Buildings, and Motor-Camer Equipment Trusty has a separate accumulated depreciation account for each of these assets except land 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? Transactions Requirement 1. Record the transactions i equipment with January 2, 2020. Sold motor-carrier equipo a cash price $186,000 Journalize the sale of the motor carrier egy 2020 Jan Date Acco July Jan 2 Oct 2 Sold motor-carrier equipment with accumulated depreciation of $64,800 (cost of $129,000) for $72,000 cash. Purchased similar new equipment with a cash price $186,000. 3 Sold a building that had cost $690,000 and had accumulated depreciation of $135,000 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 $250,000. Trusty received $106 000 cash and a $443,500 note receivable. 29 Purchased land and a building for a single price of $424,000 An independent appraisal valued the land at $ 158,000 and the building at $309.000 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 Record the purchase of the new motor car Date Choose from any list or enter any numbe Print Done OCT