Date Accounts and Explanation Debit Credit Jan. 1 Date Accounts and Explanation Debit Credit Apr. 1 Date Accounts and Explanation Debit Credit Sep. 1 Date Accounts and Explanation Debit Credit Sep. 1 Date Accounts and Explanation Debit Credit Dec. 31 Date Accounts and Explanation Debit Credit Dec. 31 Jan. 1 Purchased office equipment, $116,000. Paid $77,000 cash and financed the remainder with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $340,000 paid in cash. An independent appraisal valued the land at $267,750 and the communication equipment at $89,250. Sep. 1 Sold a building that cost $560,000 (accumulated depreciation of $270,000 through December 31 of the preceding year). Janie Mills Associates received $410,000 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 $50,000. Dec. 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 double-declining-balance method over five years with a $5,000 residual value