Record the transactions in the journal of Hilda Carr Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Debit Credit Sep. 1 Accounts and Explanation Depreciation Expense-Building Accumulated Depreciation Building To record depreciation on building Jan. 1 Purchased office equipment, $115,000. Paid $72,000 cash and financed the remainder with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $380,000 paid in cash. An independent appraisal valued the land at $299,250 and the communication equipment at $99,750. Sep. 1 Sold a building that cost $555,000 (accumulated depreciation of $255,000 through December 31 of the preceding year). Hilda Carr Associates received $350,000 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 $75,000 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 $5,000 residual value. Dec. 31 Depreciation Expense-Communication Equipment Accumulated DepreciationCommunication Equipment To record depreciation on communication equipment. Dec. 31 Depreciation Expense-Office Equipment Accumulated DepreciationOffice Equipment To record depreciation on office equipment. 10