Russell Freightway provides freight service. The company's balance shoot includes Land, Buildings, and Motor-carrier equipment. Russell Freightway uses a separate accumulated depreciation account for each depreciable asset During 2018, Russell Freightway completed the following transactions: (Click the icon to view transaction data.) Requirement 1. Record the transactions in Russell Freightway's journal. (Record debits first, then credits. Exclude explanations from all journal entries.) 85,000 128.000 Accumulated depreciation, motor-carrier equipment Motor-carrier equipment (old) Cash Gain on exchange 85,000 21.000 Jul 1: Sold a building that cost $570,000 and had accumulated depreciation of $270,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $50,000. Russell Freightway received $90,000 cash and a $660,000 note receivable. Start by recording depreciation expense on the building through July 1. Journal Entry Date Accounts Debit Credit Jul 1 Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts remaining Clear All Check Answer 2494 NOV 8