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4. Tarrier, Inc., has the following PPE account: Land, Building, and Equipment, with a separate accumulated depreciation account for each of these except land. Tarrier completed the following transactions: (12marks) Traded in equipment with accumulated depreciation of $65,000(cost of$ 139,000) for similar new equipment with a cash cost of $ 179,000. Received a trade-in allowance of $73,000 on the old equipment and paid $106,000 in cash Jan 2 Sold a building that had a cost of $635,000 and had accumulated depreciation of $145,000 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 $275,000. Tarrier received $135,000 cash and a $350,500 note receivable. Oct 29 Purchase land and a building for a single price of $360,000. An independent appraisal valued the land at $108,900 and the building at $254,100 Jun 30 Dec 31 Recorded depreciation as follows: Equipment has an expected useful life of 4 years and an estimated residual value of 5% 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 20-year useful life and a residual value equal to 10% of its cost. Requirement: Record the transactions in Tarrier, Inc's Journal

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