How to complete question 77PB in Chapter 7, step by step. In the textbook "Financial Accounting, 12th Edition, ISBN 9780134725987"

(Learning Objectives 1, 3, 4: Measure and account for the cost of plant assets and depreciation; analyze and record a plant asset disposal) Tucker, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Tucker completed the following transactions: Jan 3 Jun 30 Traded in equipment with accumulated deprecia $131,000) for similar new equipment with a cas a trade-in allowance of $76,000 on the old equip in cash. Sold a building that had a cost of $640,000 and tion of $150,000 through December 31 of the pi is computed on a straight-line basis. The buildin and a residual value of $240,000. Tucker receive $360,000 note receivable. Purchased land and a building for a single price dent appraisal valued the land at $127,400 and the Recorded depreciation as follows: Equipment has an expected useful life of eight value of 12% of cost. Depreciation is computed method. Depreciation on buildings is computed by the new building carries a 40-year useful life and a r of its cost. Oct 31 Dec 31 Requirement 1. Record the transactions in Tucker, Inc.'s, journal. Jan 3 Jun 30 Traded in equipment with accumulated depreciation of $61,000 (cost of $131,000) for similar new equipment with a cash cost of $177,000. Received a trade-in allowance of $76,000 on the old equipment and paid $101,000 in cash. Sold a building the Sold a building that had a cost of $640,000 and had accumulated deprecia- tion of $150,000 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 $240,000. Tucker received $125,000 cash and a $360,000 note receivable. Purchased land and a building for a single price of $350,000 cash. An indepen- dent appraisal valued the land at $127,400 and the building at $236,600. Recorded depreciation as follows: Equipment has an expected useful life of eight years and an estimated residual value of 12% 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 40-year useful life and a residual value equal to 20% of its cost. Oct 31 Dec 31