On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $920,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Useful Life (in years) N/A Asset Land Building Equipment Vehicles Total 25 Estimated Residual Value N/A none 10% of cost $14,000 Cost $ 140,000 420,000 206,000 154,000 $ 920,000 10 On June 29, 2022, equipment included in the March 31, 2021, purchase that cost $92,000 was sold for $72,000. Herzog uses the straight-line depreciation method for building and equipment and the double-declining-balance method for vehicles. Partial-year depreciation is calculated based on the number of months an asset is in service. Required: 1. Compute depreciation expense on the building, equipment, and vehicles for 2021. 2. Prepare the journal entries to record the depreciation on the equipment sold on June 29, 2022, and the sale of equipment. 3. Compute depreciation expense on the building, remaining equipment, and vehicles for 2022. Compute depreciation expense on the building, equipment, and vehicles for 2021. ( Depreciation Expense Building Equipment Vehicles Prepare the journal entries to record the depreciation on the equipment sold on June 29, 2022, and the sale of equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar.) View transaction list View journal entry worksheet No Debit Credit Date June 29, 2022 1 General Journal Depreciation expense Accumulated depreciation equipment 2 June 29, 2022 Cash | Accumulated depreciation equipment Equipment Compute depreciation expense on the building, remaining equipment, and vehicles for 2022. (Do not round intermediate calculations.) Depreciation Expense Building Equipment Vehicles On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $920,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Useful Life (in years) N/A Asset Land Building Equipment Vehicles Total 25 Estimated Residual Value N/A none 10% of cost $14,000 Cost $ 140,000 420,000 206,000 154,000 $ 920,000 10 On June 29, 2022, equipment included in the March 31, 2021, purchase that cost $92,000 was sold for $72,000. Herzog uses the straight-line depreciation method for building and equipment and the double-declining-balance method for vehicles. Partial-year depreciation is calculated based on the number of months an asset is in service. Required: 1. Compute depreciation expense on the building, equipment, and vehicles for 2021. 2. Prepare the journal entries to record the depreciation on the equipment sold on June 29, 2022, and the sale of equipment. 3. Compute depreciation expense on the building, remaining equipment, and vehicles for 2022. Compute depreciation expense on the building, equipment, and vehicles for 2021. ( Depreciation Expense Building Equipment Vehicles Prepare the journal entries to record the depreciation on the equipment sold on June 29, 2022, and the sale of equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar.) View transaction list View journal entry worksheet No Debit Credit Date June 29, 2022 1 General Journal Depreciation expense Accumulated depreciation equipment 2 June 29, 2022 Cash | Accumulated depreciation equipment Equipment Compute depreciation expense on the building, remaining equipment, and vehicles for 2022. (Do not round intermediate calculations.) Depreciation Expense Building Equipment Vehicles