Brown Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-carrier equipment. Brown Freightway uses a separate accumulated depreciation account for each depreciable asset. During 2018, Brown Freightway completed the following transactions: (Click the icon to view transaction data.) Requirement 1. Record the transactions in Brown Freightway's journal. (Record debits first, then credits. Exclude explanations from all journal entries.) Jan 1: Traded in motor-carrier equipment with accumulated depreciation of $90,000 (cost of $128,000) for similar new equipment with a cash cost of $164,000. Brown Freightway received a trade-in allowance of $72,000 on the old equipment and paid the remainder in cash. (Prepare a compound Joumal entry to record this transaction.) Date Jan 1 Journal Entry Accounts Debit Credit Jul 1: Sold a building that cost $545,000 and had accumulated depreciation of $245,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $45,000. Brown Freightway received $90,000 cash and a $330,000 note receivable. Start by recording depreciation expense on the building through July 1. Date Journal Entry Accounts Debit Credit Brown Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-carrier equipment. Brown Freightway uses a separate accumulated depreciation account for each depreciable asset. During 2018, Brown Freightway completed the following transactions: (Click the icon to view transaction data.) Requirement 1. Record the transactions In Brown Freightway's journal. (Record debits first, then credits. Exclude explanations from all journal entries.) Jul 1: Sold a building that cost $545,000 and had accumulated depreciation of $245,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $45,000. Brown Freightway received $90,000 cash and a $330,000 note receivable. Start by recording depreciation expense on the building through July 1. Date Jul 1 Now record the sale of the building. Date Jul 1 Journal Entry Accounts Debit Credit Journal Entry Accounts Debit Credit Brown Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-carrier equipment. Brown Freightway uses a separate accumulated depreciation account for each depreciable asset. During 2018, Brown Freightway completed the following transactions: (Click the icon to view transaction data.) Requirement 1. Record the transactions in Brown Freightway's journal. (Record debits first, then credits. Exclude explanations from all journal entries.) Now record the sale of the building. Date Jul 1 Journal Entry Accounts Debit Credit Oct 31: Purchased land and a building for a cash payment of $250,000. An independent appraisal valued the land at $37,500 and the building at $275,000. (Do not round intermediary calculations. Only round the amounts you input into the journal entry table to the nearest dollar.) Journal Entry Date Oct 31 Accounts Debit Credit Brown Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-carrier equipment. Brown Freightway uses a separate accumulated depreciation account for each depreciable asset. During 2018, Brown Freightway completed the following transactions: (Click the icon to view transaction data.) Requirement 1. Record the transactions in Brown Freightway's journal. (Record debits first, then credits. Exclude explanations from all journal entries.) Oct 31: Purchased land and a building for a cash payment of $250,000. An independent appraisal valued the land at $37,500 and the building at $275,000. (Do not round intermediary calculations. Only round the amounts you input into the journal entry table to the nearest dollar.) Date Oct 31 Journal Entry Accounts Debit Credit Dec 31: Recorded depreciation on the equipment. New motor-carrier equipment has an expected useful life of 700,000 miles and an estimated residual value of $24,000. Depreciation method is the units-of-production method. During the year, Brown Freightway drove the equipment 110,000 miles. (Round depreciation per unit to the nearest cent.) Date Dec 31 Journal Entry Accounts Debit Credit Brown Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-carrier equipment. Brown Freightway uses a separate accumulated depreciation account for each depreciable asset. During 2018, Brown Freightway completed the following transactions: (Click the icon to view transaction data.) Requirement 1. Record the transactions in Brown Freightway's journal. (Record debits first, then credits. Exclude explanations from all journal entries.) Dec 31: Recorded depreciation on the equipment. New motor-carrier equipment has an expected useful life of 700,000 miles and an estimated residual value of $24,000. Depreciation method is the units-of-production method. During the year, Brown Freightway drove the equipment 110,000 miles. (Round depreciation per unit to the nearest cent.) Date Dec 31 Journal Entry Accounts Debit Credit Dec 31: Depreciation on buildings is straight-line. The new building has a 40-year useful life and a residual value equal to $19,600. (Do not round intermediary calculations. Only round the amounts you input into the journal entry table to the nearest dollar.) Journal Entry Date Dec 31 Accounts Debit Credit More info Jan 1 Jul 1 Oct 31 Dec 31 Traded in motor-carrier equipment with accumulated depreciation of $90,000 (cost of $128,000) for new equipment with a cash cost of $164,000. Brown Freightway received a trade-in allowance of $72,000 on the old equipment and paid the remainder in cash. Sold a building that cost $545,000 and had accumulated depreciation of $245,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $45,000. Brown Freightway received $90,000 cash and a $330,000 note receivable. Purchased land and a building for a cash payment of $250,000. An independent appraisal valued the land at $37,500 and the building at $275,000. Recorded depreciation as follows: New motor-carrier equipment has an expected useful life of 700,000 miles and an estimated residual value of $24,000. Depreciation method is the units-of-production method. During the year, Brown Freightway drove the equipment 110,000 miles. Depreciation on buildings is straight-line. The new building has a 40-year useful life and a residual value equal to $19,600. Print Done