4. Tucker, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Tucker completed the following transactions: (1) Jan 3, Traded in equipment with accumulated depreciation of $61,000 (cost of $131,000 ) for similar new equipment with a cash cost of $177,000. Received a trade-in allowance of $76,000 on the old equipment and paid $101,000 in cash. (2) Jun 30, Sold a building that had a cost of $640,000 and had accumulated depreciation of $150,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $240,000. Tucker received $125,000 cash and a $360,000 note receivable. (3) Oct 31, Purchased land and a building for a single price of $350,000 cash. An independent appraisal valued the land at $127,400 and the building at $236,600. (4) Dec 31, Recorded depreciation as follows: Equipment has an expected useful life of eight years and an estimated residual value of 12% of cost. Depreciation is computed on the double-declining-balance method. Depreciation on buildings is computed by the straight-line method. The new building carries a 40year useful life and a residual value equal to 20% of its cost. Requirements:Record the transactions in Tucker, Inc.'s, journal.(10 marks)