explain in detail

omework 14 The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straight-line depreciation for delivery vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for franchise rights 10 points CBOOK Print References January 2, 2020 paid $180,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years and a residual value of $3,500. July 1, 2020 Paid $48,000 cash to purchase a delivery van. The van has an estimated useful life of five years and residual value of $9,600 October 2, 2020 Paid $500 cash to paint a small office in the warehouse building October 13, 2020 Paid $250 cash to get the ol changed in the delivery van Deceber 1, 2020 Paid $82,500 cash to UPS to begin operating Fast Delivery business as a franchise using the name The UPS Store. This franchise right expires in five years December 31, 2020 Recorded depreciation and mortization on the delivery van, warehouse building, and franchise right. June 10, 2021 Sold the warehouse building for $144,000 cash. (record the depreciation on the bullding prior to recording its disposal.) December 31, 2021 Recorded depreciation on the delivery van and amortization on the franchise richt. Determined that the franchise right was not impaired in value Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first occount field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 6 7 8 9 Record the purchase of a warehouse building for $180,000 cash Journal entry worksheet Print Record the payment for painting a small office in the warehouse building for $500. References Note: Enter debits before credits Date General Journal Debit Credit October 02, 2020 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the payment for oil changes in the delivery van of $250. ces Note: Enter debits before credits General Journal Debit Credit Date October 13, 2020 Record entry Clear entry View general journal Journal entry worksheet Cro Record the franchise rights purchased for $82,500 to allow for the operation of a fast delivery business. tes Note: Enter debits before credits. General Journal Debit Credit Date December 01, 2020 Record entry Clear entry View general journal 14 View transaction list s Journal entry worksheet Book Print Record the depreciation and amortization expenses on the delivery van, warehouse building, and franchise rights for the year 2020. erences Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 Record entry Clear entry View general Journal Required Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/ev Entry Required" in the first account field. Do not round intermediate calculations.) 14 View transaction list 10 points Journal entry worksheet eBook Print Record the depreciation of the warehouse building up to the date of sale in 2021. References Note: Enter debits before credits General Journal Date June 30, 2021 Debit Credit Record entry Clear entry View general Journal qur. Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/ev Entry Required" in the first account field. Do not round intermediate calculations.) 14 View transaction list 10 points Journal entry worksheet