LO1 2,3,4 Jul 1 P10-2 Recording non-current asset transactions, exchange, disposal and revaluation [25-30 min) The accounts of Haley-Davis Printing include Land, Buildings and Equipment. Haley-Davis has a separate accumulated depreciation account for each asset. During the year, the business completed the following transactions: Jan 1 Traded in equipment with accumulated depreciation of $90000 (cost of $130000) for similar new equipment with a cash cost of $176 000. Haley-Davis received a trade-in allowance of $60000 on the old equipment and paid the remainder in cash. Sold a building that cost $550 000 and that had accumulated depreciation of $250 000 up to 31 December of the preceding year. Haley-Davis received $ 100 000 cash, with the balance of $200 000 as a loan receivable. Depreciation is calculated on a straight-line basis. The building has a 40-year useful life and a residual value of $50000. Oct 31 Purchased land and a building for a lump sum payment of $300 000. An independent expert valued the land at $105 000 and the building at $210000. Dec 30 Revalued the recently purchased land to a figure of $105 000. The building was not revalued. Recorded depreciation as follows: Equipment has an expected useful life of 1 million units of output and an estimated residual value of $20000. Depreciation is units of production. During the year, Haley-Davis produced 150000 units of output Depreciation on buildings is straight line. The new building has a 40-year useful life and a residual value equal to $50000. Dec 31 Requirement Record the transactions in Haley-Davis' journal