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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 Cost Value Life (in years) Land $ 125,000 N/A N/A Building 550,00 none 20 Equipment 190, eee 12% of cost 8 Vehicles 185,000 $13, eee 10 Total $1,650,000 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. 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 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 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 found intermediate calculations. 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, 2022 Record entry Clear entry View general Journal Land Building Equipment Vehicles Total $ 125,000 550.000 199,00 185, eee $1,050,000 N/A hone 12% of cost $13,000 N/A 28 8 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. 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 Compute depreciation expense on the building, remaining equipment, and vehicles for 2022. (Do not found intermediate calculations.) Depreciation Expense Building Equipment Vehicles