Online Associates surveys American online shopping habits. The company’s accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset. During 2025, Online Associates completed the following transactions: 

Record the transactions in the journal of Online Associates.

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Jan. 1 Apr. 1 Sep. 1 Dec. 31 Purchased office equipment, $119,000. Paid $80,000 cash and financed the remainder with a note payable. Acquired land and communication equipment in a lump-sum purchase. Total cost was $270,000 paid in cash. An independent appraisal valued the land at $212,625 and the communication equipment at $70,875. Sold a building that cost $555,000 (accumulated depreciation of $255,000 through December 31 of the preceding year). Online Associates received $370,000 cash from the sale of the building. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $75,000. Recorded depreciation as follows: Communication equipment is depreciated by the straight-line method over a five-year life with zero residual value. Office equipment is depreciated using the double-declining-balance method over five years with a $2,000 residual value.