On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The allocation of the total purchase price of $1,080,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Residual Estimated Useful Asset Cost Value Life in Years Land $ 140, 000 N/A N/A Building 580, 000 none 25 Machinery 160, 000 10% of cost 8 Equipment 200, 000 $14, 000 5 Total $ 1, 080, 000 On June 29, 2019, machinery included in the March 31,2018, purchase that cost $108,000 was sold for $88,000. Herzog uses the straight-line depreciation method for buildings and machinery and the sumofthe-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 thejournal 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 3 Required 1 H RequiredZ Compute depreciation expense on the building, machinery, and equipment for 2018. (Do not round intermediate calculations.) Equipment On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The allocation of the total purchase price of $1,080,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Residual Estimated Useful Asset Cost Value Life in Years Land $ 140, 000 N/ A N/A Building 580, 000 none 25 Machinery 160, 000 10% of cost 8 Equipment 200, 000 $14, 000 5 Total $1, 080, 000 On June 29, 2019, machinery included in the March 31, 2018, purchase that cost $108,000 was sold for $88,000. Herzog uses the straight-line depreciation method for buildings and machinery and the sum-ofthe-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 thejournal 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.) Building Equipment