The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straight-line depreciation for delivery vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for franchise rights January 2, 2015 Paid $170,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years and a residual value of $3,500 1, 2015 Pd $35,000 cash to purchase a delivery van. The van has an estimated useful life October 2, 2015 October 13, 2015 December 1, 2015 of five years and a residual value of $7,000 Paid $500 cash to paint a small office in the warehouse building Paid $200 cash to get the oil changed in the delivery van Paid $97,500 cash to UPS to begin operating Fast Delivery business as a franchise using the name The UPS Store. This franchise right expires in five years December 31, 2015 Recorded depreciation and amortization on the delivery van, warehouse building June 30, 2016 Sold the warehouse building for $136,000 cash. (Record the depreciation on the December 31, 2016 Recorded depreciation on the delivery van and amortization on the franchise right. and franchise right. building prior to recording its disposal.) Determined that the franchise right was not impaired in value Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list 1 Record the purchase of a warehouse building for $170,000 cash Record the purchase of a delivery van for $35,000 cash Record the payment for painting a small office in the 2 3 warehouse building for $500 4 Record the payment for oil changes in the delivery van of ebit Credit $200 5 Record the franchise rights purchased for $97,500 to allow for the operation of a fast delivery business