Question Help Gretta Chung 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. Gretta Chung completed the following transactions: (Click the icon to view the transactions.) Record the transactions in th joumal of Gretta Chung Associates. Record debits first, then credits. Select the explanation on the last line of the journal entry table. X Record a single compound journal entry.) Jan. 1 Pur More info Date Jan. 1 Jan. 1 Purchased office equipment, $120,000. Paid $81,000 cash and financed the remaining with a note payable. Apr 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $440,000 paid in cash. An independent appraisal valued the land at $346,500 and the communication equipment at $115,500. Sep. 1 Sold a building that cost $540,000 (accumulated depreciation of $240,000 through December 31 of the preceding year) Gretta Chung received $420,000 cash from the Apr. 1: Acq sale of the building. Depreciation is computed on a straight-line basis. The building An independent appraisal valued the land at $346,500 and the communication equipment at S115.500 has a 40-year useful life and a residual value of $60,000. Dec. 31 Recorded depreciation as follows: Date Communication equipment is depreciated by the straight-line method over a five-year life with zero residual value. Apr. 1 Office equipment is depreciated using the double-declining-balance method over five years with a $4,000 residual value. Print Done