Jan. 1 Purchased office equipment, $112,000. Paid $74,000 cash and financed the remainder with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $350,000 paid in cash. An independent appraisal valued the land at $275,625 and the communication equipment at $91,875. Sep. 1 Sold a building that cost $540,000 (accumulated depreciation of $240,000 through December 31 of the preceding year). Grace Carol Associates received $360,000 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 $60,000. 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-decliningbalance method over five years with a $2,000 residual value. Grace Carol Associanes surveys American eating habis. The company's accounts include Land, Buldings, Office Equipment, and Communicasion Equipment, with a separate Aceumulated Depreciation account for each depreciabie asset. During 2024, Orace Carol Associatos complofod the following transactions. Clok the ioon to vew the transactions : Recond the transactions in the joumal of Grace Carol Associates. (Recond debets frst, then erests. Select the explanation on the last line of the joumal entry table.) \$00. 1: Sold a bulding that cost $40,000 (accumulated depreciation of $240,000 turough December 31 of the preceding yean Grace Carol Associates received $360,000 cash from the sale of the bulding Depreciabion is computed on a straight-line basis. The builing has a 40 -year uteful lifo and a residual value of $60,000. Before we record the sale of the building, we must record depreciation on the bulding through Septomber 1, 2024. Now recond the sale of the builing on September 1 Now record the vale of the builing on Soptenteer 1