III Jan 30 Question 10 of 10 View Policies Current Attempt in Progress The following transactions occurred during 2020. Assume that depreciation of 10% per year is charged on all machinery and 5% per year an buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on feed assets disposed of during the year. A building that cost $198.000 in 2003 is torn down to make room for a new building. The wrecking contractor was paid $7,650 and was permitted to keep all materials salvaged. Machinery that was purchased in 2013 for $24.000 is sold for $4,350 cash, tob. purchaser's plant. Freight of $450 is paid on the sale of this machinery Mar,20 A gear breaks on a machine that cost $13.500 in 2012 The gear is replaced at a cost of $3.000. The replacement does not extend the useful life of the machine but does make the machine more efficient. A special base installed for a machine in 2014 when the machine was purchased has to be replaced at a cost of $8.250 because of defective workmanship on the original base. The cost of the machinery was $21.300 in 2014 The cost of the base was $5.250, and this amount was charged to the Machinery account in 2014 One of the buildings is repainted at a cost of $10,350. It had not been painted since it was comtructed in 2016. Mar. 10 May 18 June 23 Prepare general Journal entries for the transactions. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Credit Date Debit 1/30 Accumulated Depreciation Buildings Loss on Disposal of Building Buildings Cash 3/10 Cash Accumulated Depreciation Machinery Loss on Disposal of Machinery Machinery 3/20 V Machinery Cash Question 10 of 10