Johnson

Associates surveys American eating habits. The?company's accounts include?Land, Buildings, Office?Equipment, and Communication?Equipment, with a separate Accumulated Depreciation account for each asset. During

2016

Ellie

Johnson

completed the following?transactions:

LOADING...

?(Click

the icon to view the?transactions.)

Record the transactions in the journal of

Ellie

Johnson

Associates. ?(Record debits?first, then credits. Select the explanation on the last line of the journal entry?table.)

Jan.?1: Purchased office?equipment,

$117,000.

Paid

$78,000

cash and financed the remaining with a note payable

Johnson Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each asset. During 2016 Ellie Johnson completed the following transactions: LOADING... (Click the icon to view the transactions.) Record the transactions in the journal of Ellie Johnson Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $117,000. Paid $78,000 cash and financed the remaining with a note payable. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit Jan. 1 Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $430,000 paid in cash. An independent appraisal valued the land at $338,625 and the communication equipment at $112,875. (Record a single compound journal entry.) Date Accounts and Explanation Apr. 1 Sep. 1: Sold a building that cost $570,000 (accumulated depreciation of $265,000 through December 31 of the preceding year). Johnson received $420,000 Debit Credit 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 $45,000. Before we record the sale of the building, we must record depreciation on the building through September 1, 20162016. Date Accounts and Explanation Debit Credit Sep. 1 Jan. 1 Purchased office equipment, $ 117 comma 000$117,000. Paid $ 78 comma 000$78,000 cash and financed the remaining with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $ 430 comma 000$430,000 paid in cash. An independent appraisal valued the land at $ 338 comma 625$338,625 and the communication equipment at $ 112 comma 875$112,875. Sep. 1 Sold a building that cost $570,000 (accumulated depreciation of $265,000 through December 31 of the preceding year). Ellie received $420,000 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 $45,000. 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-declining-balance method over five years with a $1,000 residual value