Jan. 1 Purchased office equipment, $114,000. Paid $83,000 cash and financed the remainder with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $340,000 paid in cash. An independent appraisal valued the land at $267,750 and the communication equipment at $89,250. Sep. 1 Sold a building that cost $560,000 (accumulated depreciation of $270,000 through December 31 of the preceding year). Whitney Plumb 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 $50,000. 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 $6,000 residual value. \begin{tabular}{|c|c|c|c|} \hline Den & Neseinta and Eapianation & betat & Conda \\ \hline \multicolumn{4}{|l|}{sint} \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Oate & Aeteunte and Expiniesies & Dete & coes \\ \hline \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Evere & & Oeth & Cont \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Now record the sale of the building on September 1