Depreciation Methods; Sale of Assets Saved 1 On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $970,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Residual Value N/A Asset Land Building Equipment vehicles Total none Estimated Useful Life (in years) N/A 20 8 10 Cost $ 115,000 470,000 270,000 115,000 $ 970,000 00:58:59 12% of cost $13,000 Print On June 29, 2022, equipment included in the March 31, 2021, purchase that cost $97,000 was sold for $77,000. Herzog uses the straight-line depreciation method for building and equipment and the double-declining-balance method for vehicles. Partial-year depreciation is calculated based on the number of months an asset is in service. Required: 1. Compute depreciation expense on the building, equipment, and vehicles for 2021. 2. Prepare the journal entries to record the depreciation on the equipment sold on June 29, 2022, and the sale of equipment. 3. Compute depreciation expense on the building, remaining equipment, and vehicles for 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation expense on the building, equipment, and vehicles for 2021. (Do not round intermediate calculations.) Depreciation Expense Building Equipment Vehicles prywy ry you wo 1 1 Required 1 Required 2 Required 3 Prepare the journal entries to record the depreciation on the equipment sold on June 29, 2022, and the sale of equipment. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar.) 00:58:48 View transaction list Journal entry worksheet Print 1 2 > Record the depreciation on machinery sold. Note: Enter debits before credits. Date General Journal Debit Credit June 29, 2022 Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. 1 Required 1 Required 2 Required 3 8 00:57:59 Prepare the journal entries to record the depreciation on the equipment sold on June 29, 2022, and the sale of equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar.) View transaction list Print Journal entry worksheet Record the sale of machinery. Note: Enter debits before credits. General Journal Debit Credit Date June 29, 2022 Record entry Clear entry View general Journal Required: 1. Compute depreciation expense on the building, equipment, and vehicles for 2021. 2. Prepare the journal entries to record the depreciation on the equipment sold on June 29, 2022, and the sale of equipment. 3. Compute depreciation expense on the building, remaining equipment, and vehicles for 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation expense on the building, remaining equipment, and vehicles for 2022. (Do not round intermediate calculations.) Depreciation Expense Building Equipment Vehicles