Hackground: Depreciaboe acteunt for tach astet Durine 2016 , Grase Casol complettel the follouring trathactioes Assignment: Thir quertion has 3 requirements. Scroll down to review the requirements and enture you coeplete all iequretients before fukmitting your work for grading Regeiremeats 1. The accounts esed by Grace Carol Aspocises ase provided is the Clart of Acosumts (click) on "Chart of hecosits" to wev). The accousts have already been opened in the General Ledger (click en "Geserd Ledget" to wien) 2. Prepare journal estries to recotd the transactions cocarred dariag yeur and post the eatries is the Geseralleders Transactions: 01/01/2016 Purchased otfice equipment, $112,000. Pald $74,000 cash and financed the-remaining with a note payable. 04/01/2016 Acquired land and communication equipment in a lump-sum purchase. Total cost was appraisal valued the fand at $267,750 and the communication equipment at $89,250. 09/01/2016 Sold a bullding that cost 5540,000 (accumulated depreciation of $240,000 through Decenber 311 of the preceding year). Grace Carol recelved 3380,000cash from the sale of the buliding. Deprechation is conputed on a straight-line basis. The building has a 40 -year. Iransactions: received $380,000 cash from the sale of the building. Depreciation is computed on a straight-line basisi The builing hs a 40 -year useful iffe and a residual value of 560,000 12/31/2016 Recorded depreciation as followst Communication equipment is depreciated by the straight-line method over a five-year ife with zero residual value, Qffice equipment is depreciated using the double-doclining-balance method over five years with a s2,000 residual value