Johnson, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Johnson completed the following transactions: (Click the icon to view the transactions.) Read the requirement. Requirement 1. Record the transactions in Johnson's journal. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest dollar.) Jan 3: Traded in equipment with accumulated depreciation of $69,000 (cost of $133,000) for similar new equipment with a cash cost of $186,000. Received a trade-in allowance of $77,000 on the old equipment and paid $109,000 in cash. Journal Entry Date Accounts Debit Credit Jan 3 Jun 30: Sold a building that had a cost of $645,000 and had accumulated depreciation of $155,000 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 $285,000. Johnson received $145,000 cash and a $340,500 note receivable Before we record the sale of the building, we must record the depreciation expense for the current year. Start by journalizing depreciation expense on the building through June 30. Journal Entry Date Accounts Debit Credit Jun 30 Now record the sale of the building. Journal Entry Date Accounts Debit Credit June 30