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Whitney Plumb 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 depreciable asset. During 2024, Whitney Plumb Associates completed the following transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Whitney Plumb Associates. (Rocord debits first, then credits. Select the explanation on the last line of the journal entry table.) More info Jan. 1 Purchased office equipment, $110,000. Paid $71,000 cash and financed the remainder with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $420,000 paid in cash. An independent appraisal valued the land at $330,750 and the communication equipment at $110,250. Sep. 1 Sold a building that cost $570,000 (accumulated depreciation of $265,000 through December 31 of the preceding year). Whitney Plumb Associates received $430,000 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 equioment is debreciated bv the straiaht-line method over a five-vear life More info Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $420,000 paid in cash. An independent appraisal valued the land at $330,750 and the communication equipment at $110,250. Sep. 1 Sold a building that cost $570,000 (accumulated depreciation of $265,000 through December 31 of the preceding year). Whitney Plumb Associates received $430,000 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-decliningbalance method over five years with a $6,000 residual value. Jan. 1: Purchased office equipment, $110,000. Paid $71,000 cash and financed the remainder with a note payable. (Record a single compound joumal entry.) Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $420,000 paid in cash. An independent appraisal valued the land at $330,750 and the communication equipment at $110,250. (Record a single compound joumal entry.) Sep. 1: Sold a building that cost $570,000 (accumulated depreciation of $265,000 through December 31 of the preceding year). Whitney Plumb Associates recelved $430,000 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. Before we record the sale of the building, we must record depreciation on the building through September 1, 2024. Now record the sale of the building on September 1 . Dec. 31: Record depreciation on the communication equipment. Communication equipment is depreciated by the straight-line method over a fivn-vear life with zero residual value. Dec. 31: Record depreciation on the office equipment. Office equipment is depreciated using the double-declining-balance method over five years with a $6,000 residual value
