Grotta Chung Amocloten surveys American eating habits. The company's accounts include Land, Buildings. Ofice Equipment and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset During 2024, Grotta Chung Associates completed the following transactions: (Click the icon to view the transactions) Record the transactions in the foumal of Gretta Chung Ansociats (Record debits first, then credits Select the explanation on the last line of the joumal entry tatlo) Jan 1. Purchased office equipment. $120.000 Paid $80.000 cash and financed the remainder with a noto payablo (Record a single compound journal entry) Accounts and Explanation Debit Credit Date Jan 1 Jan. 1 Apr. 1 Purchased office equipment, $120,000. Paid $80,000 cash and financed the remainder with a note payable. Acquired land and communication equipment in a lump-sum purchase. Total cost was $400,000 paid in cash. An independent appraisal valued the land at $315,000 and the communication equipment at $105,000 Sold a building that cost $555,000 (accumulated depreciation of $255,000 through December 31 of the preceding year). Gretta Chung Associates received $330,000 cash from the sale of the building Depreciation is computed on a straight-line basis. Sep. 1 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 $2,000 residual value Apr 1 Acquired land and communication equipment in a lump-sum purchase Total cost was $400,000 paid in cash An independent appraisal valued the land at $315,000 and the communication equipment at $105,000. (Record a single compound journal entry) Date Accounts and Explanation by Debit Credit Apr 1 Sep 1 Sold a building that cost 5555.000 (accumulated depreciation of $255,000 through December 31 of the preceding year) Gretta Chung Associates received $330,000 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 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 Date Accounts and Explanation Debit Credit Sep. 1 ho Now record the sale of the building on September 1. Date Accounts and Explanation Debit Credit Sep. 1 As 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 $2,000 residual value. Date Accounts and Explanation Debit Credit Dec. 31