Ivan Anderson Enterprises restores vintage automobiles. The companys accounts include Land, Buildings, Restoration Equipment, and Office Equipment with Accumulated Depreciation accounts for its depreciable assets. Record journal entries for the following transactions for 2020. January 3rd Purchased office equipment, $77,000. Paid $30,000 cash and paid for the remainder with a note payable. April 1st Acquired restoration equipment and land in a lump-sum purchase. An appraisal valued the equipment at $30,000 and the land at 170,000. The company paid $175,000 in cash for both assets. Aug 31st Sold a building that cost $480,000 with accumulated depreciation of $225,000 for $380,000 cash. Ivan Anderson uses straight-line depreciation and depreciation was last calculated on Dec 31, 2019. The building has a 40-year useful life and a residual value of $30,000. Dec 31st Calculate depreciation as follows: Office equipment is depreciated using the double-declining balance method over 5 years with a $1,000 residual value. Restoration equipment is depreciated using straight-line over 5 years with no residual value.