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Could someone can help me to fix this question? Please give me an explanation. Thank you! It have 3 questions.
On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The allocation of the totalpurchase price of $1,080,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Residual Estimated UsefulAsset Cost Value Life in YearsLand $ 140, 000 N/A N/ABuilding 580, 000 none 25Machinery 160, 000 10% of cost 8Equipment 200, 000 $14, 000 5 Total $ 1, 080, 000 On June 29, 2019, machinery included in the March 31,2018, purchase that cost $108,000 was sold for $88,000. Herzog uses thestraight-line depreciation method for buildings and machinery and the sum—of—the-years’—digits method for equipment. Partial-yeardepreciation is calculated based on the number of months an asset is in service. Required: 1. Compute depreciation expense on the building, machinery, and equipment for 2018. 2. Prepare thejournal entries to record the depreciation on the machinery sold on June 29, 2019, and the sale of machinery.3. Compute depreciation expense on the building, remaining machinery, and equipment for 2019. Complete this question by entering your answers in the tabs below. Required 3 Required 1 H RequiredZ Compute depreciation expense on the building, machinery, and equipment for 2018. (Do not round intermediate calculations.) —— Equipment
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