accouting

Whitney Plumb Associates surveys American eating habits. The company's accounts include Land, Buildings. Office Equipment and Communication Equipment, with a separate Accumulated Depreciation account for each asset. During 2018. Whitney Plumb completed the following transactions January 1 - Purchased office equipment. $117.000. Paid $77.000 cash and financed the remainder with a note payable April 1 - Acquired land and communication equipment in a lump-sum purchase. Total cost was $350.000 paid in cash. An independent appraisal valued the land at $275,625 and the communication equipment at $91.875. September 1 - Sold a building that cost $520.000 (accumulated depreciation of $285.000 through December 31 of the preceding year), Whitney Plumb received $390,000 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 $25.000. December 31 - 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 straight line method over 5 years with a $2000 residual value. For each asset, calculate the following (if applicable); a. Depreciation Expense b. Book Value c. Accumulated Depreciation c. Gain or Loss on the sale of the asset