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Posted on Jul 16, 2024

1 More Info Jan. 1 Apr. 1 Purchased office equipment, $118,000. Paid $81,000 cash and financed the remainder with a note payable. Acquired land and

1 More Info Jan. 1 Apr. 1 Purchased office equipment, $118,000. Paid $81,000 cash and financed the remainder with a note payable. Acquired land and communication equipment in a lump-sum purchase. Total cost was $410,000 paid in cash. An independent appraisal valued the land at $322,875 and the communication equipment at $107,625. Sold a building that cost $560,000 (accumulated depreciation of $270,000 through December 31 of the preceding year). Sophie Miller Associates received $330,000 cash from the sale of the building. Depreciation is computed on a straight-line basis. The building has a 40-year usefumife and a residual value of $50,000. 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 $6,000 residual value. Sep. 1 Dec. 31 Print Done etion of $270,000 through December 31 of the preceding year). Sophie Miller Associates received $330,000 cash fror esidual value of $50,000. and then continue to the next question. Tc Bophe Messurveys American wating habits. The company's sont include Land, Buildings. One Emert, and Communication Equipment, with a separate Accumulated to counter Duny 2018, Sophie Mercie completed the following traction the loon to view the transaction) Record the transactions in the journal of Sophie Miler Associate Record debits first, then credits. Select the explanation on the last line of the journal entry tale) Jue 1Purchased art. 118.000 Paid $81.000 cash and tranced the remainder with a nato payable. (Record as onde compound journal arty) Accounts and Explanation Debit Credit Apr 1: Andred and and communication equipment in alpsum purchase. Total cost was $410,000 discoth. An independent on to the land 129 and communication or component Account and Explanation Dobit Cred Art steu tot ce contro con carter to practing their recent 320.000 men building Dompet dan The buildings and side of $50.000 Choose from any content in the route and then continue to the neces MacBook * BO 44 $ A # 3 & 7 5 6 8 2 9 0 R W T Y U P O Septed a building that cont 1860,000 (nccumduted depreciation of 5270,000 through December 31 of the ponding year, Sophie Mihar Aasociadas entend $210.000 count from the nate of the budding Deprecated trebosis. The building hoa 40 years life and are value of $50.000 But we record the main of the building, we must record depreciation on the building through Sortumber 1, 2018 Account and Explanation Data Debit Credit Sep Now moond the sale of the building on September Dan Account and Explanation Debit Credit Choose from beinthout els and then continue to the nation MacBook Air 11 mm # 3 $ 4 % 5 a> & 7 8 0 2 W . E R Q YU S D F F G H Dec 31 Record depreciation on the communication equipment Communication equipment is depreciated by the straight line method over a five-year life with zero residual value Date Accounts and Explanation Debit Credit Dec 31 Decat. Record depreciation on the office equipment Office pment is deprecated using the double-declining balance method over five years with a $6.000 residual value Data Accounts and Explanation Debit Credit Dec 31 Choose from any lot or enter any number in the inputs and then continue to the next question MacBook Air esc BO 3 # 3 $ 4 % 5 & 7 2 9 6 W E 70 T Y 0