P10-32A (book/static) Grace Carol Assurveyt Arrerican eating habits. The company's accounts include and soft Equipment and Communion Equpment with separate Accu Depreciation account for each During 2016. Grace Carel complete following transactions che then to view the transactions Record transactions in the jumal of Grace Carol Associates Record its ret the credite Select the explanation on the line of the journal entry 1. Purchased office $112.000 Paid 574.000 cash and financing with a note payable Record a single compound joy Accounts and explanation De Cred More info - X Purchase of equipment, $112.000. Pod 574.000 cash and traced the remaining with anot payable Apr Aureland and communication equipment in ampum purchase Tool was $340,000 dinh An independent appraised the land at 207.750 and the communication comentat 30.250 Solda bunding that 10.000 ccumulate deo of 240 ch December of the preceding year). Grace receved 380,000 cash from the We of the buldig. Depreciation is come on a stressThe has a dyward of 0.000 Dec 31 Recorded on flows Communication is deprecated by the rigtine method over the . (Record a single compound journal entry.) t -X More Info w Jan. 1 Purchased office equipment, $112,000. Paid $74,000 cash and financed the remaining with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $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 $540,000 (accumulated depreciation of $240,000 through December 31 of the preceding year). Grace Carol received $380,000 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-declining-balance method over five years with a $2,000 residual value. Print Done Check Answer P10-32A (book/static) Question Help Grace Carol 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 stul 2016, Grace Carol completed the following transactions Click the icon to view the transactions.) Record the transactions in the journal of Grace Carol Associates (Record debits first, then credits Select the explanation on the line of the journal entry table) Jan. 1: Purchased office equipment, $112,000. Paid $74,000 cash and financed the remaining with a note payable. Record a ungle compound journal entry) Accounts and Explanation Debit Credit Date Jan. 1 More info Purchased office equipment, $112.000. Paid $74.000 cash and financed the remaining with a note payabile Apr 1 Acquired land and communication equipment in a lump sum purchase. Total was $340,000 paid in cash. An independent appraisal valued the land 5257.750 and the communication equipment S250 Sep. 1 Sold a building that cost $540,000 (accumulated depreciation of $240.000 through December 31 of the preceding year) Grace Carol received $380.000 cash from the sale of the building. Depreciation is computed on a Wraight-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 deprecated using the double-declining balance method over five years with a $2.000 residual value Print Done Choose from any list or enter any number in the input fields and then click Check