At the beginning of $2023,$ Moon Co$.$ started its business to make and sell food blenders. On March $1,$ Moon paid cash of $$500,000$ to acquire a factory building with several pieces of equipment left inside. According to the appraisals, the building had a fair market value of $$420,000$ and the equipment had a fair market value of $$105,000.$ The building was estimated to have a useful life of $15$ years with salvage value of $$80,000,$ and equipment was estimated to have useful life of $10$ years with no salvage value. Moon decided to adopt the double$-$declining balance method to record depreciation on the building and the straight$-$line method to record depreciation for equipment.

On July $2,$ Moon spent $$42,000$ cash to purchase a brand name for the food benders which trademark protection was granted. Legal fees and other costs associated with the registration of the trademark totaled $$7,000.$ The useful life of the trademark was determined to be $8$ years with salvage value of $$5,000.$ Moon chose the straight$-$line method to record amortization on its intangible assets.

On October $30,$ Moon sold out one piece of equipment for $$18,700.$ The equipment was purchased on March $1$ with an allocated cost of $$26,000.$ No other equipment was sold during this year.

Requirements:

$1.$ ANALYZE the effects of the above transactions on the specific account in the Accounting Equation or RECORD the above transactions $($Choose either analysis or recording$).$

$2.$ Make any necessary adjustments for depreciation and amortization at $12/31/2023.$

$3.$ Show the effects of all the above transactions on Moon$$s Balance Sheet as of $12/31/2023$ and Income Statement of $2023$