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 asset. During 2016. Sophie Miller 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, $113.000. Paid $78,000 cash and financed the remaining with a note payable. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit Jan. 1 i More Info Jan. 1 Purchased office equipment, $113,000. Paid $76,000 cash and financed the remaining with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $340,000 paid in cash. An independent appraisal valued the land at $267.750 and the communication equipment at $89,250. Sep. 1 Sold a building that cost $540,000 (accumulated depreciation of $275,000 through December 31 of the preceding year). Sophie Miller received $420,000 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 $1,000 residual value Print Done Choose from any list or enter any number in the input fields and then click Check Answer. 5 parts ramaining Clear All