$ On January 1, Everything Hot Dogs purchased a hot dog stand for $32,000; it has an estimated useful life of 8 years and no residual value. Suppose that after using the dog stand for three years and straight-line depreciation, the company determines that the stand will remain useful for only four more years. Record Everything Hot Dogs' depreciation expense on the hot dog stand for year 4 using the straight-line method. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Debit Credit Orbit Airways purchased a baggage handling truck for $53,000. Suppose Orbit Airways sold the truck on December 31, 2018, for $39,000 cash, after using the truck for three full years and accumulating depreciation of $31,000. Make the journal entry to record Orbit Airways' sale of the truck. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Dec 31, 2018 Knight purchased land with a current market value of $126,000, a building with a market value of $27,000, and equipment with a market value of $27,000. Journalize the lump sum purchase of the three assets purchased for a total cost of $170,000 in exchange for a note payable. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit