On March 31, 2013, the Herzog Company purchased a factory, complete with machinery and equipment.The allocation of the total purchase price of $1,000,000 to the various types of assets, along with estimated useful lives and residual values, are as follows:Asset Cost Estimated Residual Value Estimated Useful Life in YearsLand $100,000 - -Building 500,000 0 25Machinery 240,000 10% of cost 8Equipment 160,000 13,000 6Total $1,000,000 On June 29, 2014, machinery included in the March 31, 2013 purchase that cost $100,000, was sold for $80,000.Herzog uses the straight-line depreciation method for buildings and machinery and the sum-of-the-years'-digits method for equipment.Partial-year depreciation is calculated based on the number of months an asset is in service.Required:1. Compute the depreciation expense on the building, machinery and equipment for 2013.2. Prepare the journal entry to record the depreciation on the machinery sold on June 29, 2014 and the sale of machinery.3. Compute the depreciation expense on the building, remaining machinery and equipment for 2014.