Viel as the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. ated the following transactions: the icon to view the equirement More Info - en 1. Record the Round amounts to the Jan 3 aded in equipment we of $70,000 on the 175.000 Received a trade-in Jun 30 3 Od 31 Traded in equipment with accumulated depreciation of $65.000 (cost of $134,000) for similar new equipment with a cash cost of $175,000 Received a trade-in allowance of $70,000 on the old equipment and paid $105.000 in cash Sold a building that had a cost of $655,000 and had accumulated depreciation of $145,000 through December 31 of the preceding your. Depreciation is computed on a straight line basis. The building has a 40-year useful life and a residual value of $275,000. Mi received $100,000 cash and a $405.250 note recevable Purchased and and a building for a single price of $360,000 cash. An independent appraisal valued the land $152.000 and the building at $228.000 Recorded depreciation as follows: Equipment has an expected useful life of ten years and an estimated residual value of 7% of cost. Depreciation is computed using the double-declining balance method Depreciation on buildings is computed using the straight-line method. The new building carries a 40-year useful life and a residual value equal to 30% of its cost. Dec 31 Sold a building that had uted on a straight-line we record the sale of th gh June 30 9 year. Depreciation is d a $405250 not receivable expense on the building Done se from any list or enter any number in the input fields and then continue to the next question This course (BUSNIA Financial Accounting Summer 2020 - Las Posts College is based on Thomas/iet Financial Accounting 12 MacBook Air 23 : 3 $ 4 5 6 7 8 9 ) 0 E R T Y U - o P D F G H J L V V B N M > command Op Read the requirement Requirement 1. Record the transactions in Mil's joumal. (Record debits first, then credits. Exclude explanations from any journal entries. Round amounts to the nearest dolar) Jan 3: Traded in equipment with accumulated depreciation of $65,000 (cost of $134,000) for simlar new equipment with a cash cost of $175,000. Received a trade in alowance of $70,000 on the old equipment and paid $105,000 in cash. Journal Entry Date Accounts Debit Credit 3 od Toc Jun 30: Sold a building that had a cost of $655,000 and had accumulated depreciation of $145.000 through December 31 of the preceding year. Depreciation is computed on a Wrigine basis. The building has a 40 year of life and a residual value of $275,000 Mill received $100.000 cash and a $405 250 note receivable Before we record the sale of the building, we must record the depreciation expense for the current year. Start by joumalizing depreciation expense on the building through June 30 Choose from any list or enter any number in the input fields and then continue to the next question This course USNIA Financial Accounting Summer 2020 - Las Posts College is based on Thomas The Financial Accounting 12e MacBook Air so 888 82 FB - 2 3 $ 4 946 5 6 7 8 O W E R T Y U O P S D F G H J L X C V B N M und command Read the requirement Before we record the sale of the building, we must record the depreciation expense for the current year. Start by journalizing depreciation expense on the building through June 30 Journal Entry Accounts Date Debit Credit Jun 30 rary Now record the sale of the building Journal Entry Accounts Debit Date June 30 Credit len Tou Choose from any list or enter any number in the inputs and then continue to the next question This BUSA Pracal Accounting Summer 2020 Las Postal College is based on Thomancial Account MacBook Air Z $: 24 18: Cell 3 4 5 6 7 8 9 O W E R T Y U - O P { [ S D F G H J K L ... X > B N M I nd command optio Mill, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Mi completed the follow ng transactions Click the loon to view the transactions.) Read the routement Od 31: Purchased land and a building for a single price of $360,000 cash. An independent appraisal valued the land at $152,000 and the building at $228.000 Journal Entry Date Accounts Debit Credit Oct 31 ary Dec 31: Equipment has an expected use of 10 years and an estimated residual value of 7% of cost. Depreciation is computed on the double-declining balance method. Prepare the entry to record depreciation on equipment through December 31 Mod Journal Entry Accounts Date Debit Credit on Tog Dec 31 Choose from any list or enter y number in the input fields and then continue to the next question This course BUSNIA Financial Accounting - Summer 2020 - Las Posts College is based on Thomas The Financial Accounting 12 MacBook Air HO 22 $! 2 3 5 6 UN 00 9 3 0 W E R T Y U 1 0 P S D F G H J L X V B N > M 4 command Dec 31: Depreciation on buildings is computed by the straight-ine method. The new building carries a 40-year useful life and a residual value equal to 30% of its cost Prepare the entry to record depreciation on building. (Round your answer to the nearest whole number.) Journal Entry Date Accounts Debat Credit To Dec 31 Choose from any list or enteraryumber in the input folds and then continue to the next question This USA and Accounting Summer 2020-as Posts College is based on Thomas Teta Francial Account MacBook Air SAW 18 96 3 6 & 7 8 10 0 W E R T Y U - o P S D F G H J K L C V B Z M V - 1. ind command