Granny Carney Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset. During 2024, Granny Carney Associates completed the following transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Granny Carney Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $114,000. Paid $79,000 cash and financed the remainder with a note payable. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit Jan. 1 114000 Office Equipment Cash 79000 Notes Payable 35000 To record purchase of office equipment with cash and 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. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit Apr. 1 Sep. 1: Sold a building that cost $570,000 (accumulated depreciation of $265,000 through December 31 of the preceding year). Granny Carney 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 $45,000. Before we record the sale of the building, we must record depreciation on the building through September 1, 2024. Date Accounts and Explanation Debit Credit Sep. 1 Now record the sale of the building on September 1 Date Accounts and Explanation Debit Credit Sep. 1 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. 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 $4,000 residual value. Date Accounts and Explanation Debit Credit Dec. 31 More Info Purchased office equipment, S114,000. Paid $79,000 cash and financed the remainder Jan. 1 with a note payable. 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 Apr. 1 communication equipment at $89,250. Sold a building that cost $570,000 (accumulated depreciation of $265,000 through December 31 of the preceding year). Granny Carney Associates received $410,000 cash from the sale of the building. Depreciation is computed on a straight-line basis. The Sep. 1 building has a 40-year useful life and a residual value of $45,000 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- Dec. 31 balance method over five years with a $4,000 residual value. Print Done