Problem 1) LO (various) Beerbo began fiscal year 2021 with no plant assets. On January 1, 2021, Beerbo purchased several plant assets (a.k.a. fixed assets; property, plant, and equipment) for a total price of $100,000 cash. The details of the assets purchased are as follows: Asset Land Useful Life Depreciation Method ??? Market Value ($) Residual Value (S) 30,000 90,000 Building 45,000 5,000 ??? 25 years straight-line Vehicle 7,500 0 40,000 miles units-of-production Furniture 7,500 0 Equipment 60,000 5 years 8 years double-declining-balance straight-line Beerbo occupied the building and also began using the furniture immediately after purchase. However, Beerbo did not begin using the equipment until April 1, 2020. Beerbo plans to drive the vehicle as follows: Fiscal Year 2021 2022 2023 2024 Driving Miles (estimated) 6,000 8,000 10,000 12,000 14.000 2025 Assume Beerbo has a December 31 fiscal year-end. Also assume the Beerbo has the following accounts set up in its ledger: Accumulated Depreciation - Building Accumulated Depreciation-Equipment Accumulated Depreciation-Furniture Accumulated Depreciation-Land Accumulated Depreciation-Vehicle Building Depreciation Expense-Building Depreciation Expense-Equipment Depreciation Expense - Furniture Problem 1.a) January 1, 2020 Journal entry (LO 7.1) Depreciation Expense-Land Depreciation Expense-Vehicle Equipment Furniture Gain on Sale of Plant Asset Land Loss on Sale of Plant Asset > Maintenance Expense Vehicle Write out the journal entry that Beerbo would record for the lump-sum /basket purchase above.