Question 4 of 7 > - / 20 View Policies Current Attempt in Progress Crane Company purchased land and a building on April 1, 2019, for $351,600. The company paid $102,000 in cash and signed a 5% note payable for the balance. At that time, it was estimated that the land was worth $136,000 and the building. $215,600. The building was estimated to have a 25-year useful life with a $30.500 residual value. The company has a December 31 year end, prepares adjusting entries annually, and uses the straight-line method for buildings; depreciation is calculated to the nearest month. The following are related transactions and adjustments during the next three years. 2019 Dec. 31 31 Recorded annual depreciation. Paid the interest owing on the note payable. 2020 Feb. 17 Dec. 31 31 Paid $180 to have the furnace cleaned and serviced, Recorded annual depreciation. Paid the interest owing on the note payable. The land and building were tested for impairment. The land had a recoverable amount of $107.900 and the building. 5: 31 2021 Jan. 31 Feb. 1 Sold the land and building for $292,000 cash: $101.000 for the land and $191,000 for the building. Paid the note payable and interest owing, (a) Question 4 of 7 - 120 E 2019 Date Account Titles and Explanation Debit Credit Apr. 1 Land Building Cash Notes Payable (To record purchase of property) Dec 31 Depreciation Expense Accumulated Depreciation - Building (To record depreciation) (To record interest) 2020 Date Account Titles and Explanation Debit Credit Question 4 of 7 - 120 2020 Date Account Titles and Explanation Debit Credit (To record payment of furnace cleaning) (To record depreciation) (To record interest) (To record land impairment) Dec. 31 (To record building impairment) Question 4 of 7 - 120 E 2021 Date Account Titles and Explanation Debit Credit (To record depreciation) Jan. 31 (To record disposal) Feb. 1 (To record payment of note) e Textbook and Media Question 4 of 7 - /20 !!! 2020 Date Account Titles and Explanation Debit Credit (To record payment of furnace cleaning) (To record depreciation) (To record interest) (To record land impairment) Dec. 31 To record building impairment) Question of 7