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any's accounts include Land Buildings, Office Equipment and Communication Equipment, with a separate Accumulated Deprec (R - X More info sh a Jan. 1 Apr. 1 Sep. 1 Purchased office equipment $115,000 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 $430,000 paid in cash An independent appraisal valued the land at $338,625 and the communication equipment at $112,875 Sold a building that cost $580,000 (accumulated depreciation of $280,000 through December 31 of the preceding year) Grace Carol Associates received $430,000 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 $40,000 Recorded depreciationlas 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 Dec. 31 Print Done III Accounting Online (Spring 2022) Homework: GRADED Chapter 10 HW Question 2, PF10-32A (similar to) HW Score: 0.0 of 2 porte Points: 0 of 1 Grace Carol Associates von Anecting Mobies. The company's counts clade tand Buddinge Ofice Equment, and Communication net wapate Accumulated Depreconce Carol Associates completed the following transactions the conto the transactions Record the action in the puna e Grace Care Mascherecord stort enco Scheplanation on the latest and you Jan 1Purchmedoficement 5115,000 500000 cash and traced the remainder with a nice dayRecord compound any Date Accounts and Explanation Debit Credit Jan Carol Associates completed the following transactions (Click the icon to view the transactions.) Record the transactions in the journal of Grace Carol Associates (Record debits first, then credits Select the Jan. 1 Purchased office equipment, $115.000 Paid $80,000 cash and financed the remainder with a note paye Date Accounts and Explanation Debit Cred Jan 1 Accumulated Depreciation Building Accumulated Depreciation Communication Equipment Accumulated Depreciation-Office Equipment Building Cash Communication Equipment Depreciation Expense-Building Depreciation Expense-Communication Equipment Help Depreciation Expense-Office Equipment a Cash Communication Equipment Depreciation Expense-Building Depreciation Expense-Communication Equipment, Depreciation Expense-Office Equipment Gain on Disposal Land Loss on Disposal Notes Payable p TT Office Equipment Fe To record depreciation on building. To record depreciation on communication equipment. To record depreciation on office equipment. To record purchase of land and communication equipment with cash. To record purchase of office equipment with cash and note payable. To record sale of building. Help FE FE Fa Fu FS