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S. An Equipment was purchased on January 1 at a cost of $160,000. It is expected to be used for 6 years and to have a salvage value of $10.000 after 250,000 miles of service. The equipment was driven 23,000 miles the first year 25,000 miles the second year and 18,000 miles the third year. Calculate the depreciation expense for the 1 2nd and 3l years. ar Year 2 Year 3 Straight-line Declining-balance (double) Units-of-production 6. Prepare the general journal entries for the following transactions 2016 Jan. 2 Purchased land with a building on it for $950,000. The,land is worth $450,000. Paid Dec. 31 Depreciation is computed using the straight-line method. The building has an $150,000 down and signed a mortgage to be paid over 10 years estimated salvage value of S60,000 and an estimated life of 10 years. 2012 I The building and the land are sold for $350,000 cash. GENERAL JOURNAI Page 1 Post Ref Date Description Debit Credit 2017 GENERAL JOURNAL Page 1 Post Date Ref. Debit Credit Description