Eli Johnson associates service American eating habits the companies accounts include land buildings office equipment and communication equipment with a separate accumulated depreciation account for each depreciable asset during 2024 Eli Johnson associates completed the following transactions

purchased office equipment $113,000 paid $80,000 cash and finance remainder with a note payable

acquired land and communication equipment in a lump sum purchase total cost was $310,000 paid in cash and independent appraisal value the land at $244,125 and the communication equipment at $81,375

Record depreciation on the communication equipment communication equipment is depreciate it by the straight-line method over a five-year life with zero residual value