Problem 11-6 (Algo) Depreciation methods, partial-year depreciation; sale of assets [LO11-21 On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $970,000 to the various types of assets along with estimated useful lives and residual values are as follows Asset Land Building Equipment Vehicles Total Cost $ 115,000 470,000 270,000 115,000 $ 970,000 Estimated Residual Value N/A none 12% of cost $13,888 Estimated Useful Life (in years) N/A 20 8 10 + ces On June 29, 2022, equipment included in the March 31, 2021, purchase that cost $97,000 was sold for $77,000. Herzog uses the straight-line depreciation method for building and equipment and the double-declining-balance method for vehicles. Partial-year depreclation 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, equipment and vehicles for 2021. (Do not round intermediate calculations) Depreciation Expense Building Equipment Vehicles Required 2 > Problem 11-6 (Algo) Depreciation methods; partial-year depreciation; sole of assets [LO11-21 On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $970,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Residual Estimated soul Asset Cost Value Land Life in years) $ 115, eee Building NA 470,000 none 2 Equipment 270.000 12% of cost Vehicles 115.000 $13,000 10 5 970.000 NA Total On June 29, 2022 equipment included in the March 31, 2021. purchase that cost $97,000 was sold for $77,000. Herzog uses the straight-line depreciation method for building and equipment and the double-declining balance method for vehicles. Para year depreciation is calculated based on the number of months an assets in service Required: 1. Compute depreciation expense on the building equipment and vehicles for 202 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 2002 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. (1fne entry is required for a transaction/event, select "No journal entry required in the first account field. Do not found intermediate calculation Round your final answers to nearest whole dollar) View transactions Journal entry worksheet Record the depreciation on machinery sold. Natenter detits before General Journal Debit Ccedit Date June 20, 2022 Hacere anbry Clauntry Vw garam Required 1 Required 3 > Prey Next Hi Problem 11-6 (Algo) Depreciation methods, partiel-year depreciation, sale of assets [LO11-21 On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The location of the total purchase price of $970,000 to the various types of assets along with estimated useful lives and residual values are as follows Estimated sidual Estimated Usul Cost Value Life in years) Land $115.000 NA Building N/A 470,00 nane 20 Equipment 270.000 12% of cost Vehicles 115,000 $13,000 10 Total 5.970,000 On June 29, 2022, equipment included in the March 31, 2021, purchase the cost $97.000 was sold for $77,000. 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 exponse on the building, remaining equipment, and vehicles for 2022 Complete this question by entering your answers in ers 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 Centry is required for a transaction/event, select "No journal entry required in the first account field. Do not round immediate actions Round your final answers to nearest whole dollar) Vuw transaction at Journal entry worksheet