On March 1, 2018 JSFD made a lump sum purchase of land, building, and machinery for $425,000. SFD made a 20% cash deposit and the rest of the purchase was covered by a mortage. The land was valued at 35% of the purchase and the building was valued at 45% of the purchase. The building is depreciated using the straight-ine method. The building is expected to be worth $20,000 in 20 years. The machinery is depreciated using the units-of- production method, it is expected to produce 125,000 shirts and be worth $2500 at the end of its useful life. During the year JSFD produced 20,000 shirts. Prepare the journal entries for: Prepare the journal entry for the lump sum purchase Account DR CR 10 To record purchase of land, building and equipment in exchange for cash and mortgage payable 12 3 Prepare the journal entry for depreciation on the building as of December 31,2018 14 Account DR CR To record depreciation on Building 19 20 Prepare the journal entry for depreciation on the machinery as of December 31, 2018 Account DR CR To record depreciation on Equipment 27 Prepare the journal entry for depreciation on the building as of December 31, 2019 Account DR CR 29 30 ro record depreciation on Building ournal entry for depreciation on the machinery as of December 31, 2019. 65,000.shints 34 were produced during the year