On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,090,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Useful Life (in years) N/A Estimated Residual Value Asset Cost 145,000 590,000 155 ,000 200,000 Land Building Equipment Vehicles N/A 20 none 12% of cost 10 $16,000 10 $1,090,000 Total On June 29, 2022, equipment included in the March 31, 2021, purchase that cost $109,000 was sold for $89,000. 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation expense on the building, equipment, and vehicles for 2021. (Do not round intermediate calculations.) Depreciation Expense Building Equipment Vehicles Required 3 Required 1 Required 2 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 2 Record the depreciation on machinery sold Note: Enter debits before credits. General Journal Credit Date Debit June 29, 2022 Clear entry Record entry View general journal Required 2 Required 1 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 > 1 2 Record the sale of machinery. Note: Enter debits before credits. Date General Journal Debit Credit June 29, 2022 Clear entry Record entry View general journal On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,090,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Residual Estimated Useful Life (in years ) Asset Value Cost Land Building 145,000 N/A N/A 590,000 155,000 200,000 20 none Equipment 12% of cost 10 Vehicles $16,000 10 $1,090,000 Total On June 29, 2022, equipment included in the March 31, 2021, purchase that cost $109,000 was sold for $89,000. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 $1,090,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Useful Life (in years) N/A Estimated Residual Value Asset Cost 145,000 590,000 155 ,000 200,000 Land Building Equipment Vehicles N/A 20 none 12% of cost 10 $16,000 10 $1,090,000 Total On June 29, 2022, equipment included in the March 31, 2021, purchase that cost $109,000 was sold for $89,000. 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation expense on the building, equipment, and vehicles for 2021. (Do not round intermediate calculations.) Depreciation Expense Building Equipment Vehicles Required 3 Required 1 Required 2 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 2 Record the depreciation on machinery sold Note: Enter debits before credits. General Journal Credit Date Debit June 29, 2022 Clear entry Record entry View general journal Required 2 Required 1 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 > 1 2 Record the sale of machinery. Note: Enter debits before credits. Date General Journal Debit Credit June 29, 2022 Clear entry Record entry View general journal On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,090,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Residual Estimated Useful Life (in years ) Asset Value Cost Land Building 145,000 N/A N/A 590,000 155,000 200,000 20 none Equipment 12% of cost 10 Vehicles $16,000 10 $1,090,000 Total On June 29, 2022, equipment included in the March 31, 2021, purchase that cost $109,000 was sold for $89,000. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation expense on the building, remaining equipment, and vehicles for 2022. (Do not round intermediate calculations.) Depreciation Expense Building Equipment Vehicles