On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,050,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Residual Estimated Useful Asset Value Life in years) Land $ 125,000 N/A N/A Building 550,000 none 20 Equipment 190,000 121 of cost 8 Vehicles 185,000 $13,000 Total $1,050,000 Cost 10 On June 29, 2022, equipment Included in the March 31, 2021, purchase that cost $105,000 was sold for $85,000. Herzog uses the straight-line depreciation method for building and equipment and the double-declining-balance method for vehicles. Partiol-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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 held. Do not round Intermediate calculations Round your final answers to nearest whole dollar). www. Www Required 1 Required 2 Required 3 Prepare the journal entries to record the depreciation de 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 Journal entry worksheet 1 2 Record the depreciation on machinery sold. Note: Enter debits before credits. General Journal Debit Credit Date June 29, 2022 Record entry Clear entry View general journal wie w Help Required 1 Required 2 Required 3 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 Journal entry worksheet