On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The allocation of the total purchase price of $1,100,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Useful Life in Years N/A 25 Asset Land Building Machinery Equipment Total Estimated Residual Value N/A none 12% of cost $15,000 Cost $ 150,000 600,000 140,000 210,000 $1,100,000 10 On June 29, 2019, machinery included in the March 31, 2018. purchase that cost $110,000 was sold for $90,000. Herzog uses the straight-line depreciation method for buildings and machinery and the sum-of-the-years-digits method for equipment. Partial-year depreciation is calculated based on the number of months an asset is in service. Required: 1. Compute depreciation expense on the building, machinery, and equipment for 2018. 2. Prepare the journal entries to record the depreciation on the machinery sold on June 29, 2019, and the sale of machinery 3. Compute depreciation expense on the building, remaining machinery, and equipment for 2019 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation expense on the building, machinery, and equipment for 2018. (Do not round intermediate calculations.) Depreciation Expense Building CITUR LIICIG diu ule SUNPUU yung Meu Ucqui depreciation is calculated based on the number of months an asset is in service, Required: 1. Compute depreciation expense on the building, machinery, and equipment for 2018 2. Prepare the journal entries to record the depreciation on the machinery sold on June 29, 2019, and the sale of machinery 3. Compute depreciation expense on the building, remaining machinery, and equipment for 2019 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation expense on the building, machinery, and equipment for 2018. (Do not round intermediate calculations.) Depreciation Expense Building Machinery Equipment Required 2 > Required 1 Required 2 Required 3 Prepare the journal entries to record the depreciation on the machinery sold on June 29, 2019, and the sale of machinery. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet Record the depreciation on machinery sold. Note: Enter debit before credits Date June 29, 2019 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Required 3 Prepare the journal entries to record the depreciation on the machinery sold on June 29, 2019, and the sale of machinery. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your final answers to nearest whole dollar) View transaction list Journal entry worksheet Record the sale of machinery Note: Enter debits before credits Date General Journal Debit Credit June 29, 2019 Record entry Clear entry View general journal On June 29, 2019, machinery included in the March 31, 2018, purchase that cost $110,000 was sold for $90,000. Herzog uses the straight-line depreciation method for buildings and machinery and the sum-of-the-years-digits method for equipment. Partial-year depreciation is calculated based on the number of months an asset is in service. Required: 1. Compute depreciation expense on the building machinery, and equipment for 2018 2. Prepare the journal entries to record the depreciation on the machinery sold on June 29, 2019, and the sale of machinery 3. Compute depreciation expense on the building, remaining machinery, and equipment for 2019 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation expense on the building, remaining machinery, and equipment for 2019. (Do not round intermediate calculations.) Depreciation Expense Building Machinery Equipment