Taylor's Treats needs your help in accounting for the following long-term asset transactions. March 31, 2022 - Taylor's Treats purchased Matty's Muffins for $100,000. The market values of Matty's assets and liabilities are $350,000 and $275,000, respectively. Sept 30, 2022 - Taylor's Treats purchased land, a building, a patent and some equipment for a total cost of $500,000. At the time of acquisition, the land has a current fair value of $300,000, the building's fair value is $300,000, the patents fair value is $50,000 and the equipment's fair value is $150,000. Taylor paid $100,000 cash, and signed a note payable for the remainder. Notes: - the Patent has a legal life of 20 years at the time of purchase, however Taylor anticipates it being useful for 10. - Equipment is depreciated by the double diminishing-balance method over a 4 year life with a $20,000 residual value. - The building has a 30 year useful life and residual value of $15,000. Depreciation is calculated on a straight-line basis for the building. December 31, 2022 - Depreciation and Amortization is recorded. May 31, 2023 - Sold all the equipment for $60,000 cash. Required: 1) Provide Taylor with the appropriate journal entries to record the transactions above. Please include descrintions with your entries to ensure that Taylor understands each entry