Record the following

QUESTION 7-Putting it all together! Record the following... The following selected transactions for Leaf Industries, operating in New Brunswick occurred in 2016 and 2017. The company's year-end is December 31. Purchased land, building and equipment for $320,000 by signing a note payable. The appraised values for the new assets are: Land $138,000, Building $276,000, equipment $46,000. The building will be amortized using the straight-line method over 20 years with a $50,000 residual value. The equipment will be amortized over 4 years with no residual value using the double declining balance method. Paid $8,000 to improve the efficiency of the equipment. Purchased a vehicle for $15,000 by signing a note. The vehicle has a residual value of $3,000 and it is estimated that the car will be driven 150,000 km over its useful life. The units of 2016 Apr 1 1 Jun 29 production method will be used to amortize this asset Purchased a patent paying $25,920 cash. The remaining useful life of the patient is 4 years and has no residual value. Recorded amortization on the assets. The vehicle was driven 26,000 km in 2016. Dec 3 31 2017 The vehicle purchased last year proved to be very unreliable so the company sold it for Dec $5,000. The vehicle had been driven 32,000 km in 2017 After using the building for a year the company estimated that wear and tear on the buildi would force replacement in 15 years instead of 20. Record amortization on the assets 1 31 31