Purchased office equipment,

$ 115 comma 000$115,000.

Paid

$ 73 comma 000$73,000

cash and financed the remainder with a note payable.

Apr. 1

Acquired land and communication equipment in a lump-sum purchase. Total cost was

$ 410 comma 000$410,000

paid in cash. An independent appraisal valued the land at

$ 322 comma 875$322,875

and the communication equipment at

$ 107 comma 625$107,625.

Sep. 1

Sold a building that cost

$ 555 comma 000$555,000

(accumulated depreciation of

$ 255 comma 000$255,000

through December 31 of the preceding year).

GrettaGretta

ChungChung

Associates received

$ 340 comma 000$340,000

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 comma 000$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-declining-balance method over five years with a

$ 4 comma 000$4,000

residual value.

ChungChung 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 20182018, GrettaGretta ChungChung Associates completed the following transactions: