FOR The Holy ochotne od Auth20/0 Click the icon to view action data) Required Record the way to ity Freight comp Transaction Data journal Je of $125,000 on the old truck and paid the alue of $95,000 Stance (Record Journal Ent ccounts Feb 6 Traded in the old moving truck with a book value of $95,000 (cost of $320,000) for a samlar new truck with a fair market value of $340,000 Quality Freight received a trade-in allowance of $125,000 on the old truck and paid the remainder in cash. This transaction met the criteria for commercial substance Jun 3 Sold a building that had cost $1,700,000 and had accumulated amortization of $600,000 through December 31, 2019 Amortization is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $175,000 Quality Freight received $320,000 cash and a $1,400,000 not receivable Sep 25 Purchased land and a building for cash for a single price of $830,000. An independent appraisal valued the land at $270,000 and the building at $395,000 Dec 31 The truck has an expected useful life of four years and estimated residual value of 6 percent of cost Amortization is computed using the DDB method Amortization on buildings is computed by the straight line method. The company had assigned to its older buildings, which cost $4,250,000 an estimated useful life of 30 years with a residual value equal to 30 percent of the asset cost. However, the owner of Quality Freight has come to believe that the buildings will remain useful for a total of 35 years. Residual value remains unchanged the company has used all its buildings, except for the one purchased on September 25, for 10 years. The new building carries a 35-year useful life and a residual value equal to 30 percent of its cost. Make separate entries for amortization on the building acquired on September 25 and the other buildings purchased in earlier years as a 40-year usuful life and a residual ve had accumulate 00,000 note recer ecord the amor Journal Ent