On January 1, 2021, at the start of its fiscal year, Ron's Transport had the following accounts and balances (assume normal balances): Equipment (useful life 10 years) Accumulated Depreciation - Equipment $ 80,000 Land 32,000 200,000 Building (useful life 30 years) 150,000 Accumulated Depreciation - Building 10,000 Note: amortization is only recorded at year-end and there is no residual value estimated on the long term assets. Select accounts from the Chart of Accounts. (Add additional accounts if required): Cash Depreciation expense Gain on sale of asset Accounts Payable ss on sale of asset Accumulated depreciation - Building Notes payable Accumulated depreciation - Equipment Required: a. On March 31, 2021, Ron sold the equipment for $50,000 cash. Record the journal entry below b. On April 1, 2021, Ron purchased new equipment for $100,000. He paid $40,000 cash and the remainder was a note payable. This new equipment had an estimated useful life of 10 years and no residual value. Record the journal entry below c. Record the depreciation for Ron's capital assets at December 31, 2021. Explanations not required. BIU Format Credit 0 Go Debit > QO Format y BIU Account Title Debit Ch