To expand its business, Small Company paid $854,000 for most of the property, plant, and equipment of a small trucking company that was going out of business. Before agreeing to the price, Small hired a consultant for $6,000 to appraise the assets. The appraised values were as follows: Assessed Value 135,000 Building495,000 162,000 Equipment 108,000 Total$900,000 Land Trucks Small issued two checks totaling $860,000 to acquire the assets and pay the consultant on july 1. Small depreciated the assets using the straight-line method on the building and on the equipment, and the double-declining balance method on the trucks. Estimated useful lives and salvage values were as follows E Menu My Subscriptions Kari Vall Salvage Useful Life Value Building Trucks Equipment 7 years 10,000 20 years $42,000 4 years 15,000 a. Calculate the amounts allocated to the various types of plant assets acquired on July 1 Asset Total Land $ 129,000 Building 473,000 Trucks 155,000 X b. Prepare the july 1 journal entries to record the purchase of the assets and the payment to the consultant. General Journal Date Description Debit Credit Jul.1 Land 129,000 Building 495,000 x Trucks 162,000 Equipment 108,000 Cash o 860,000 To record purchase of plant assets and payment to consultant. c. Prepare the December 31 journal entries to record depreciation expense for the year on the building, trucks, and equipment. (Round to the nearest dollar.) 1:08 PM Prepare the December 31 journal entries to record depreciation expense for the year on the building, trucks, and equipment. (Round to the nearest dollar.) General Journal Date Description Debit Credit Dec. 31 Depreciation Expense Building Accumulated Depreciation-Building To record depreciation on building. Dec. 31 Depreciation Expense Trucks Accumulated Depreciation- Trucks To record depreciation on trucks Dec. 31 Depreciation Expense-Equipment # Accumulated Depreciation-Equipment To record depreciation on equipment dol 1:08 PM