Sunshine company's accounts include Land, Buildings, Plant asset, Office Equipment,

with a separate Accumulated Depreciation account for each depreciable asset. During

$2022,$ Sunshine completed the following transactions:

Jan. $1$ Purchased factory machine, $$400,000.$ Paid $$160,000$ cash and

financed the remainder with a note payable.

Apr. $1$ Acquired land with total cost was $$1,200,000$ paid in cash.

May $1$ Purchased $$100,000$ new Office equipment. Credit terms of $\frac{2}{10},\frac{n}{30}.$

The company received a trade discount of $5\%$ from the supplier, the

company paid for those following cost:

installation costs of $$2,200,$ freight costs of $$1,100,$ sales tax of $$8,100,$

normal maintenance costs for the equipment in May $2022$ were $$875.$

May $9.$ The company made their payment for office equipment purchased in

May$1$

Sep. $1$ Sold a building that cost $$520,000($accumulated depreciation of

$$285,000$ through December $31$ of the preceding year$).$ Company

received $$420,000$ cash from the sale of the building. Depreciation is

computed on a straight$-$line basis. The building has a $40-$year useful

life and a residual value of $$25,000.$

Dec. Recorded depreciation as follows:

$31$ Factory machine is depreciated using the double$-$declining$-$balance

method over five years with zero residual value.

Office equipment is depreciated by the straight$-$line method has a

useful life of $5$ years and a residual value of $$5,000.$

Record the transactions in the journal of Sunshine Company. Remember to show your

workings $($calculation$)$