sh i More Info Jan. 1 Apr. 1 Purchased office equipment, $112,000. Paid $76,000 cash and financed the remainder 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 $600,000 (accumulated depreciation of $245,000 through December 31 of the preceding year). Sophie Miller 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. 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 $3,000 residual value. p-sun e comm Sep. 1 on Dec. 31 Print Done Sophie Mler 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. Sophie Mile Associates completed the following transactions Click the icon to view the ansactions) Record the transactions in the journal of Sophie Miler Associates (Record debits first, the credits Select the explanation on the lastne of the jour entry) Jan 1Purchased officient, 112,000. Paid $76.000 cash and financed the remainder with a noleptin (Record a single compound journal entry) Date Accounts and Explanation Debat Credit Jan Apr 1 Aequired land and communication ment in a lumpum purchase. Totalco was $40.000 padah. An independental valued the land $267.750 and the communication part at $40.250. Recordan compound jumal entry) Dale Accounts and Explanation Deb Credit received $430,000 cash from the sale of the building Deprecation is computed on a Sep 1: Bold a building that cost $100.000 (accumulated depreciation of 245.000 through December of the preceding your) Gephe Miles Associates received $430,000 yath from the of building Derection is computed on straight line basis. The building has a 40-yow use and residual value of $45.000 Before we record the sale of the building, we must record depreciation on the building through September 1, 2014 Date Accounts and Explanation Credit Debit Sep Deba Cr Now record the sale of the building on September 1 Date Account and Explanation Sep 1 Dec 31: Record depreciation on the communication equipment Communication equipment is deprecated by the method over a five-year with to the next question Dec. 31: Record depreciation on the communication equipment Communication equipment is depreciated by the straightine method over a five-you ife with 200 residual value Date Accounts and Explanation Debut Credit Dec 31 Dec 31: Record depreciation on the office equipment Office ipment is depreciated using the double declining balance method over five years with a $3,000 residual value Date Accounts and Explanation Debit Cred Dec 31
