Long$-$Term Assets $--$ Journal Entries$-$Lovell Company

Selected transactions from $2023$ for Lovell Company are described below. Record the applicable journal entry for each transaction.

Jun $3--$ Lovell Company traded in a car that cost $$35,000$ and had accumulated depreciation of $$31,400.$ The new car list price was $$40,000$ and the trade$-$in value of the old car was $$2,500.$

Dec $31--$ Recorded the adjusting entry for coal ore mined during the year. Lovell had purchased $9,800,000$ tons of coal ore for $$5,300,000.$ During the year, Lovell mined $1,300,000$ tons of the ore.

Dec $31--$ Recorded the adjusting entry for a building purchased on January $1,$ for $$770,000.$ The useful life is estimated to be $20$ years, and the residual value is estimated to be $$50,000.$ Lovell uses straight$-$line depreciation.

Note: Round per unit amounts to the nearest penny $($two decimal places$),$ and round final results to the nearest dollar $($zero decimal places$).$

Journal

Note: Start each entry on a starred row.

Note: Use the gray$-$shaded cell for each entry to select the transaction description.

$\backslash$table$[[$Date$,$Accounts debitaccounts here credit accounts here,PR$,$Debit,Credit$],[2023,,,,,],[$Jun$,3,,,,],[,,,,,],[,,,,,],[,,,,,],[,,,,,],[,,,,,],[$Dec$,31,,,,],[,,,,,],[,,,,,]]$