Listed below are a series of transactions that occurred during the first three years of operations for Mallard Production Company. Assume Mallard uses the 125% declining balance method to depreciate property, plant and equipment. On January 1, 2012, Mallard acquired five acres of land with a building that will be used as office space and warehouse for $400,000 cash. An appraisal valued the building at $245,000 and the land at $175,000. The building had an estimated remaining life of 20 years and no residual value. On June 30, 2012, Mallard purchased equipment in exchange for a $40,000 note payable due 6/30/15. The equipments had an estimated life of 8 years and salvage value of $2,000. On June 30, 2013, Mallard purchased a used delivery truck for $22,000. Mallard also paid sales tax of $1,100 on the purchase and $900 for one year of insurance coverage. The estimated useful life of the truck was 5 years and residual value of $1,000. On October 1, 2013, Mallard paid $30,000 in registration and legal costs for a 20 year patent on its new production process. On January 1, 2014, Mallard paid $5,500 in repairs on the delivery truck. $5,000 was to rebuild the engine and $500 was to repair the brakes. The residual value of the truck was reassessed to be $3,500. On June 30, 2014, Mallard acquired a truckload of file cabinets. Instead of paying the $7,200 asking price, Mallard agreed to exchange 200 shares of no par common stock. The cabinets have a six year useful life with an estimated residual value of $1,200. On September 30, 2014, Mallard sold the delivery truck for $15,000. Required: Prepare the journal entries to record each of the above transactions. Determine the book value of each asset at December 31, 2014. Assume Mallard estimated the remaining useful life of its building to be 10 years at 12/31/14. Show what would be reported on the 2012, 2013 and 2014 statements of cash flow related to the above transactions under both the direct and indirect methods. Display the amounts for 2012, 2013 and 2014 in the form of comparative statements of cash flow