Please complete P9-32A and 34A.

MWILI Wenst year that Fast uses peloon method that meets the company's objectives. 0.32A Recording lump-sum asset purchases, depreciation, and disposals 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 asset. During 2016, Grace Carol completed the following transactions: Jan. 1 Apr.1 Sep. 1 Purchased office equipment, $112.000. Paid $74,000 cash and financed the remaining with a note payable. 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. 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 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. Dec 31 Record the transactions in the journal of Grace Carol Associates. P9-33A Accounting for natural resources Chapman Oil Company has an account titled Oil and Gas Properties. Chapman paid $6,300,000 for oil reserves holding an estimated 400,000 barrels of oil. Assume the company paid $560,000 for additional geological tests of the property and $440,000 to prepare for drilling. During the first year, Chapman removed and sold 65,000 bar- rels of oil. Record all of Chapman's transactions, including depletion for the first year. P9-34A Accounting for intangibles Middle Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Middle purchased goodwill as part of the acquisition of Shipley Wireless Enterprises, which had the following figures: Book value of assets $750,000 Market value of assets 900,000 Market value of liabilities 550,000 Requirements 1. Journalize the entry to record Middle's purchase of Shipley Wireless for $400,000 cash plus a $600,000 note payable. 2. What special asset does Middle's acquisition of Shipley Wireless identify? How should Middle Telecom account for this asser after acquiring Shipley Wireless? Explain in detail