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, Accounts and Explanation Debit Credit Date Dec. 31 More Info Jan. 1 Apr. 1 Purchased office equipment, $111.000 paid $71,000 cash and financed the remainder with a note payable Acquired land and communication equipment in a lump sum purchase. Total cost was $380,000 paid in cash. An independent appraisal valued the land of $299.250 and the communication equipment at $99.750 Sold a building that cout 5550,000 (accumulated depreciation of $200,000 through December 31 of the preceding year). Granny Carney Associates received $390,000 cash from the sale of the building. Depreciation is computed on a straight-line basis. The building has a 40-year seule and a residual value of $40,000 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 deprecated using the double declining balance method over five years with a $3,000 residual value Sep. 1 Dec. 31 Print Done MacBook Air