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entry, if any, to account for an Acquisition, Depreciation, and Disposal of Assets On January 2, 2018, Dale Company purchased a building and land for $580,000. The most recent appraisal values for the building and the land are $420,000 and $180,000, respectively. The building has an estimated useful life of 25 years and a salvage value of $30,000. Required: 1. Assuming cash transactions and straight-line depreciation, prepare journal entries to record: Purchase of the building and land on January 2, 2018 b. Depreciation expense on December 31, 2018 . Assume that after four years the erty (land and building) was sold for $470,000. Prepare the journal entry to record the sale. a. 2