Jackson Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-carrier equipment. Jackson Freightway uses a separate accumulated depreciation account for each depreciable asset. During 2018, Jackson Freightway completed the following transactions: (Click the icon to view transaction data.) Requirement 1. Record the transactions in Jackson Freightway's journal. (Record debits first, then credits. Exclude explanations from all journal entries.) ... Jan 1: Traded in motor-carrier equipment with accumulated depreciation of $84,000 (cost of $135,000) for similar new equipment with a cash cost of $155,000. Jackson Freightway received a trade-in allowance of $71,000 on the old equipment and paid the remainder in cash. (Prepare a compound journal entry to record this transaction.) Date Jan 1 Journal Entry Accounts Debit Credit Jul 1: Sold a building that cost $550,000 and had accumulated depreciation of $250,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $50,000. Jackson Freightway received $90,000 cash and a $340,000 note receivable. Start by recording depreciation expense on the building through July 1. Date Jul 1 Now record the sale of the building. Date Jul 1 Journal Entry Accounts Debit Credit Journal Entry Accounts Debit Credit Oct 31: Purchased land and a building for a cash payment of $600,000. An independent appraisal valued the land at $207,000 and the building at $483,000. (Do not round intermediary calculations. Only round the amounts you input into the journal entry able to the nearest dollar.) Date Oct 31 Journal Entry Accounts Debit Credit Dec 31: Recorded depreciation on the equipment. New motor-carrier equipment has an expected useful life of 1,300,000 miles and an estimated residual value of $25,000. Depreciation method is the units-of-production method. During the year, Jackson Freightway drove the equipment 170,000 miles. (Round depreciation per unit to the nearest cent.) Date Dec 31 Journal Entry Accounts Debit Credit Dec 31: Depreciation on buildings is straight-line. The new building has a 40-year useful life and a residual value equal to $21,600. (Do not round intermediary calculations. Only round the amounts you input into the journal entry table to the nearest dollar.) Date Dec 31 Journal Entry Accounts Debit Credit