In Motion Upper T minus ShirtsIn Motion TShirts paid $ 200 comma 000$200,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $ 105 comma 000$105,000, the building $ 84 comma 000$84,000, and the equipment $ 21 comma 000$21,000. Journalize the lump-sum purchase of the three assets for a total cost of $ 200 comma 000$200,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Then,

On JanuaryJanuary 2,20162016,Royal PetRoyal Pet purchased fixtures for $ 53 comma 000$53,000 cash, expecting the fixtures to remain in service for tenten years. Royal PetRoyal Pet has depreciated the fixtures on a straight-line basis, with $ 2 comma 000$2,000 residual value. On August 31,2018, Royal PetRoyal Pet sold the fixtures for $ 33 comma 400$33,400 cash. Record both depreciation expense for 2018and sale of the fixtures on August 31, 2018 . (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)