Grace Carol Associates wervery American eating habit. The company's accounts include Land, Building Office Equment, and Communication Entert med Deroccount for each dem During 2024, Cruce Carol Asociate completed the following con Click the best - X * More Info Jan. 1 Apr. 1 Purchased office equipment, $119,000. Paid $82,000 cash and financed the remainder with a note payable. Acquired land and communication equipment in a lump-sum purchase. Total cost was $360,000 paid in cash. An independent appraisal valued the land at $283,500 and the communication equipment at $94,500. Sold a building that cost $555,000 (accumulated depreciation of $255,000 through December 31 of the preceding year). Grace Carol Associates received $380,000 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 $75,000. 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 depreciated using the double-declining- balance method over five years with a $3,000 residual value. Sep. 1 Dec. 31 Print Done Gick the icon to view the transactions) Record the transactions in the journal of Grace Carol Associates (cord debit first, then credits. Select the explanation on the lastne of the journal entry table) Jan. 1. Purchased of equipment, 5110,000. Paid $82,000 cash and financed the remainder with a note payable. (Recond a single compound journal entry) Date Accounts and Explanation Debit Credit Jan Apr. 1. Acquired land and communication equipment in a lump sur purchase. To cost was $60.000 paid in cash An independent appraisal valued the land at $283 500 and the communication que compound jumal entry) Accounts and Explanation bebit Credit Apr, 1 Sep 1: Sold building that cost $65,000 (accumulated depreciation of $255,000 through December 31 of the preceding year), Grace Carol Acces received $380.000 cash from the sale of the build Choose from any list or enter any number in the input fields and then continue to me next question Grace Cool Ancuter survey American cuting habits. The company and releant, adoys, Orce lavement, and Communication aupmart, with a per 2024, Grace Care Associales completed the following transaction Click the wo) Record the actions in the rural of Crane Cavo Asociate (Recordistendi. See the explanation on the line of the unity to Sep Bold building tot 5645 000 med depreciation of $285,000 Brush December of the preceding year. Grace Carol Autocistes recived 380.000 straight in base The building has a 40 yewlife and residual value of $75.000 Before we record the sale of the building, we must record depreciation on the building through aber 1.2024 Date Accounts and Explanation Debit C Tips Now record the sale of the building on September Greate a planation Debat Sep Dec 31: Record depreciation on the communication equipment. Communication equipment is deprecated by the straight-line method over a five-year life with zero residual value Date Accounts and Explanation Debit Credit Dec. 31 Dec 31 Record depreciation on the office equipment Office equipment is depreciated using the double declining balance method over five years with a $3,000 residual value Date Accounts and Explanation Debit Credit Dec 31
