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uestion 3 of 5 3.88/10 2023 Date Account Titles Feb. 17 Maintenance Expense Cash Dec 31 * Depreciation Expense Bullding (To record depreciation) Dec. 31

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uestion 3 of 5 3.88/10 2023 Date Account Titles Feb. 17 Maintenance Expense Cash Dec 31 * Depreciation Expense Bullding (To record depreciation) Dec. 31 ; Interesf Expense Cash (To record interest) Dec 31 : Debit Land Cullumber Tool Supply Company purchased land and a building on April 1, 2022, for $354,000. 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 $137,000 and the building. $217,000. The building was estimated to have a 25 -year useful life with a $31,000 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. 2024 Jan, 31 Sold the land and building for $294,000 cash: $102,000 for the land and $192,000 for the building. Feb. 1 Paid the note payable and interest owing. (a) Record the above transactions and adjustments, including the acquisition on April 1, 2022. (Credit account titles ore automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem. Round answers to O decimal places, e.3. 5.275.) (To record disposal) Question 3 of 5 3.88/10 (To record interest) Dec 31 : Impairment Loss Land (To record land impairment) Dec 31 ; Building Land Improvements (To record building impairment) 2024 282 230 Loss on Disposal Loss on Disposal Land Building (To record disposal) Feb. 1 Notes Payable 1050 Interest Expense: 252000 Cash

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