The following transactions were carried out for an unnamed company during Year $6$:

January $1-$Purchased a building for $$84,000$ cash. It has a $$4,000$ residual

value, $20-$year expected life, and double$-$declining balance amortization will

be used.

May $1-$Purchased equipment for $$25,000$cash. It has a $$3,000$ residual value,

$10-$year expected life, and straight$-$line amortization will be used, using days

as the basis.

December $31-$Recorded amortization on the building and equipment.

Additional transactions were carried out during Year $7$:

June $30-$Sold the equipment for $$21,000$ cash. Remember to record

amortization to date for Year $7$ before selling the equipment.

December $31-$Recorded amortization on the building.

Required

Prepare journal entries for the above transactions. Please leave one empty row

between each journal entry.The following transactions were carried out for an unnamed company during Year $6$:

$$ January $1$Purchased a building for $$84,000$ cash. It has a $$4,000$ residual value, $20-$year expected life, and double$-$declining balance amortization will be used.

$$ May $1$Purchased equipment for $$25,000$ cash. It has a $$3,000$ residual value, $10-$year expected life, and straight$-$line amortization will be used, using days as the basis.

$$ December $31$Recorded amortization on the building and equipment.

Additional transactions were carried out during Year $7$:

$$ June $30$Sold the equipment for $$21,000$ cash. Remember to record amortization to date for Year $7$ before selling the equipment.

$$ December $31$Recorded amortization on the building.

Required

Prepare journal entries for the above transactions. Please leave one empty row between each journal entry.