Endblast Productions showed the following selected asset balances on December 31, 2020:

Land 397,450

Building 525,750

Accumulated depreciation, building ¹ 393,600

Equipment 171,850

Accumulated depreciation, equipment ² 74,400

^1. The remaining useful life of the building is XX years with a residual value of $XXX; depreciated using the straight-line method to the nearest whole month.

Remaining useful life 8 years

Residual value 80,000

^2. The total estimated useful life of the equipment is XX years with a residual value of $XXX; depreciated using the double-declining balance method to the nearest whole month.

Total estimated useful life 10

Residual value 16,000

The Land and building were sold on Month 27, 2021, for $XXX cash.

Date of sale 10/27/2021

Selling price 592,650

The equipment was sold on Month 2, 2021, for $XXX cash.

Month of sale 11/02/2021

Selling price 56,150

1. Calculate depreciation from January 1 to the date of disposal for both assets being sold: BUILDING EQUIPMENT

2. Prepare the journal entry to record depreciation for 2021 for both assets being sold. BUILDING EQUIPMENT

3. Calculate the carrying amount of each asset being sold:

Land

Building

Equipment

4. Record the two disposal transactions:

LAND AND BUILDING EQUIPMENT