July 1 Sold a building that cost $550000 and that had a accumulated depreciation

July 1 Sold a building that cost $550000 and that had a accumulated depreciation of $250000 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 $50000. Lewis received $100000 cash and a $600000 note receivable.Oct 31 Purchased land and a building for a cash payment of $300000. An independent appraisal valued the land at $115000 and the building at 230000.Dec 31 Record depreciation as followed:Motor-carrier equipment has an expected useful life of 1000000 miles and an estimated residual value of $26000. Depreciation is units of production. During the year Lewis drove his truck 150000 miles.Depreciation on buildings is straight-line. The new building has a 40-year useful life and a residual value equal to $20000