On March 31,2024 , the Herzog Company purchased a factory complete with vehicles and equipment....
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Accounting
On March 31,2024 , the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,090,000 to the various types of assets along with estimated useful ilves and residual values are as follows: On June 29,2025 , equipment included in the March 31, 2024, purchase that cost $109,000 was sold for $89,000. Herzog uses the straight-fine depreclation method for builing and equipment and the double-declining-balance method for vehicles. Partial-year depreciation is calculated based on the number of months an asset is in service. Required: 1. Compute depreciation expense on the bulling, equipment, and vehicles for 2024. 2. Prepare the journal entries to record the depreciation on the equipment sold on June 29,2025 , and the sale of equipment. 3. Compute depreclation expense on the buliding, remaining equipment, and vehicles for 2025 . Complete this question by entering your answers in the tabs below. Compute depreciation expense on the bulding, equipment, and vehicles for 2024. Notes Do not round intermediace calculations
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