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.) the explanation on the last line of the journal entry More Info x payable. (Record a single compound journal entry.) Credit Apr. 1 Jan. 1 Purchased office equipment, S116,000. Paid $80,000 cash and financed the remainder with a note payable. Acquired land and communication equipment in a lump-sum purchase. Total cost was $420,000 paid in cash. An independent appraisal valued the land at $330,750 and the communication equipment at $110.250. Sep. 1 Sold a building that cost $540,000 (accumulated depreciation of $240,000 through December 31 of the preceding year). Sophie Miller Associates received $390,000 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 $60,000. 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 $3,000 residual value. Print Done