Tarrier, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except land. Tarrier completed the following transactions:
Jan 2 Traded in equipment with accumulated depreciation of $64,000 (cost of $138,000) 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.
Jun 30 Sold a building that had a cost of $645,000 and had accumulated depreciation of $155,000 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 $285,000. Tarrier received $135,000 cash and a $350,500 note receivable.
Oct 29 Purchased land and a building for a single price of $340,000. An independent appraisal valued the land at $108,900 and the building at $254,100.
Dec 31 Recorded depreciation as follows:
Equipment has an expected useful life of 4 years and an estimated residual value of 4% 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 10% of its cost.

Requirement
1. Record the transactions in Tarrier, Inc.’s journal.