Online Associates surveys American online shopping habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset. During $2025,$ Online Associates completed the following transactions:

View the transactions.

Record the transactions in the journal of OnlineAssociates. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Jan. $1$: Purchased office equipment, $$119,000.$ Paid $$80,000$ cash and financed the remainder with a note payable. $($Record a single compound journal entry.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Jan$.1],[,,,],[,,,],[,,,],[,,,]]$

Transactions

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Jan. $1$ Purchased office equipment, $$119,000.$ Paid $$80,000$ cash and financed the remainder with a note payable.

Apr. $1$ Acquired land and communication equipment in a lump$-$sum purchase. Total cost was $$270,000$ paid in cash. An independent appraisal valued the land at $$212,625$ and the communication equipment at $$70,875.$

Sep. $1$ Sold a building that cost $$555,000($accumulated depreciation of $$255,000$ through

December $31$ of the preceding year$).$ Online Associates received $$370,000$ cash from the sale of the building. Depreciation is computed on a straight$-$line basis. The building has a $40-$year useful life and a residual value of $$75,000.$

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.