Sophie Miller 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 2018, Sophie Miller Associates completed the following transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Sophie Miller Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $110,000. Paid $79,000 cash and financed the remainder with a note payable. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit Jan. 1 More Info Accumulated Depreciation Building Accumulated DepreciationCommunication Equipment Accumulated Depreciation Office Equipment Purchased office equipment, $110,000. Paid $79,000 cash and financed the remainder Building Jan. 1 with a note payable. Acquired land and communication equipment in a lump-sum purchase. Total cost was Communication Equipment $400,000 paid in cash. An independent appraisal valued the land at $315,000 and the Depreciation Expense Building Apr. 1 communication equipment at $105,000. Depreciation Expense-Communication Equipment Sold a building that cost $600,000 (accumulated depreciation of $245,000 through Depreciation Expense-Office Equipment 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 Gain on Disposal Sep. 1 building has a 40-year useful life and a residual value of $45,000. Land Recorded depreciation as follows: Loss on Disposal Communication equipment is depreciated by the straight-line method over a five-year life Notes Payable with zero residual value. Office equipment is depreciated using the double-declining- Dec. 31 balance method over five years with a $5,000 residual value. Office Equipment Cash Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? 5 Pemain remaining Clear All Check Answer Sophie Miller 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 2018, Sophie Miller Associates completed the following transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Sophie Miller Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $110,000. Paid $79,000 cash and financed the remainder with a note payable. (Record a single compound journal entry) Date Accounts and Explanation Debit Credit Jan. 1 More Info Jan. 1 Apr. 1 To record depreciation on building. To record depreciation on communication equipment. To record depreciation on office equipment. To record purchase of land and communication equipment with cash. To record purchase of office equipment with cash and note payable. To record sale of building, Purchased office equipment, $110,000. Paid $79,000 cash and financed the remainder with a note payable. Acquired land and communication equipment in a lump-sum purchase. Total cost was $400,000 paid in cash. An independent appraisal valued the land at $315,000 and the communication equipment at $105,000 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 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 $5,000 residual value. Sep. 1 Dec. 31 Done Choose from any list or enter any number in the input fields and then click Check Answer. 5 parts Clear All remaining Check
