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s Question 20 2 of 4 (0 complete) Assume Trusty Transport Lid's balance sheet Indudes the following assets under Property, Pant, and Equipment. Land Buildings and Motor-Carrier Equipment. Trusty had a separate accumulated depreciati Further, assume that Trusty completed the following transactions (Click the icon to view the transactions.) Requirements 1. Record the transactions in Trusty Transport Lid's journal 2. How does management choose which depreciation method to? Requirement 1. Record the transactions in Trusty Transport Lidsjournal January 2, 2020: Sold motor-camer equipment with accumulated depreciation of S70 500 cost of $135.000) for $6.000 cash Purchased timtar new equipment with a cash prie 5157000 Journalize the sale of the motor carrier equipment. Record debits first, then credits. Explanations are not required) Journal Entry Date Accounts Debut Credit Jan 2 Cath Record The purchase of the new motor carrier equipment Journal Entry Date Accounts Dubit Credit Choose from all or enter any up in the inaut finds and then continulosti 9 Type here to search O 200 Cloudy hop UM Requirements 1. Record the transactions in Trusty Transport Les mal 2. How does management choose which depreciation method to? Kocor the purchase of the new motor camerament Jomal Entry Date Jan Accounts Deo Credit July 3 Sold a building that a cost 5670,000 and had accumulated depreciation of $100.000 homecenter of the preceding won in computed on the bus The bung $220,000 Trusty received 5104000 cash and a $400 275 not real Record the depreciation dense for July 3 (Use the full month for Rould to the two Journal Entry Date Accouets Credit WU 3 Che from any list or entering contesto coate acum der u transactions Requirements 1. Record the transactions in Trusty Transport Lid's journal 2 How does management choose which depreciation method to use? Record the sale of the building on July 3 Journal Entry Date Accounts July Debit Credit October 29. Purchased land and a building for a single price of 5429.000 An independent cordis volued the land of 153.000 and the banget 300.000 Hold decision de loody doch Journal Entry Date Accounts Det Credit od 29 the input find that can heltuition Choose from any sonry 27 Ouly . "Wasacons.) Requirements 1. Record the transactions in Trusty Transport Lidsjournal 2. How does management choose which depreciation method to use? New motor-cartier equipment has an expected useful life of years and an estimated residus value of 5 of cost Destion computed on me double-anting-antho Depreciation on buildings it computed by the straight-line method. The new building care a 40-year useful and a residual value toto of its cost Record the depreciation expense on the equipment for December 31. Hold all decimals for interim calculations, Round your final answer to the nearest whole dollar Journal Entry Date Accounts Debit Credit Dec 31 Record the depreciation expense on the buildings for December 31. Hold all decimals for interm calculations. oond your finalwer to the nearest Journal Entry Date Accounts Debit Credit Dec 31 Choose from any for enter at the ho find and then into the sun C Land Buiding and not the CU to view the do Requirements 1 Record the transactions in Try Traportid 2 How does management choose which income to Record me torciation on the bulongs to December Mond decimals for con Round you to the who JOO bate Account DO CH Dec 31 Remont? How do macho which hat Manatha Wote werd mended for the to new Comment i Transactions ent: Land, Building assets except land 2020 Jan 2 Sold motor-carrier equipment with accumulated depreciation of $70,600 (cost of $135,000) for $66,000 cash. Purchased similar new equipment with a cash price $187.000 July 3 Sold a building that had cost 5670,000 and had accumulated depreciation of $160,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building had a 40-year useful life and a residual value of $220,000. Trusty received $104.000 cash and a S400,375 note receivable Oct 29 Purchased land and a building for a single price of $429,000. An independent appraisal valued the land at $153.000 and the building at $306,000 Dec. 31 Recorded depreciation as follows New motor-carrier equipment has an expected useful life of six years and an estimated residual value of 5% of cost Depreciation is computed on the double-diminishing-balance method Depreciation on buildings is computed by the straighMine method. The new building carries a 40-year useful life and a residual value equal to 10% of its cost ons. Round your fil Print Dong or example, if the asset generales revenue avenly over time, the method should be used the method is best for assets that generate greater amounts of revenuo orier in their useful les