Taylor's Treats needs your help in accounting for the following long-term asset transactions. Jan 1, 2021 - Taylor's Treats purchased Matty's Muffins for $10 million cash. The market values of Matty's assets and liabilities are $15.5 million and $7.5 million, respectively. Jan 2, 2021 - Taylor's Treats purchased land, a building and some equipment for a total cost of $900,000. At the time of acquisition, the land has a current fair value of $450,000, the building's fair value is $400,000 and the equipment's fair value is $150,000. Taylor paid $500,000 cash. and signed a note payable for the remainder. December 31, 2021 - Depreciation is recorded as follows: Equipment is depreciated by the double diminishing balance method over a 5 year life with a $30,000 residual value. The building has a 40 year useful life and residual value of $50,000. Depreciation is calculated on a straight-line basis for the building December 31, 2022 - Depreciation is recorded. January 1, 2023 - Sold all of the equipment for $50,000 cash L COM 204 Assignment 4, CH 6 Spring 2022 Required: a) Record the January 2021 transactions in Taylor's journal with appropriate descriptions for each entry. b) Record the adjusting journal entries required for depreciation for Taylor for 2021 and 2022, with appropriate descriptions for each entry. c) Record the January 1, 2023 transaction in Taylor's journal with appropriate descriptions for each entry. DATE ACCOUNT DEBIT CREDIT