SophieMiller Associates surveys American eating habits Thecompany's accounts includeLand, Buildings, Officeequipment, and Communicationequipment, with a separate accumulated depreciation account for each asset During2011, Sophie Miller completed the followingtransactions LOADING (Click the icon to view transactiondata ) Requirement 1 Record the transactions in the journal of S o p h i e M i l l e r Associates The company ends its account year on December 31 jan 1 Traded in old office equipment with book value of $47,000 (cost of $141,000 and accumulated depreciation of $94,000) for new equipment Miller also paid $70,000 in cash April 1 Acquired land and communication equipment in a group purchase Total cost was $290,000 paid in cash An independent appraisal valued the land at$228,375 and the communication equipment at $76,125 Sep 1 Sold a building that cost $570,000 (accumulated depreciation of $270,000 through December 31 of the precedingyear) Miller received $390,000 cash from the sale of the building Depreciation is computed on astraight line basis The building has a40 year useful life and a residual value of $50,000 Dec 31 Recorded depreciation asfollows Communication equipment is depreciated by thestraight line method over a5 year life with zero residual value Office equipment is depreciated using thedouble declining balance method over 6 years with $1,000residual value

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SophieMiller Associates surveys American eating habits. Thecompany's accounts includeLand, Buildings, Officeequipment, and Communicationequipment, with a separate accumulated depreciation account for each asset. During2011, Sophie Miller

SophieMiller Associates surveys American eating habits. Thecompany's accounts includeLand, Buildings, Officeequipment, and Communicationequipment, with a separate accumulated depreciation account for each asset. During2011, Sophie Miller completed the followingtransactions: LOADING...(Click the icon to view transactiondata.) Requirement

1.	Record the transactions in the journal of SophieMillerAssociates. The company ends its account year on December 31.

jan 1		Traded in old office equipment with book value of $47,000 (cost of $141,000 and accumulated depreciation of $94,000) for new equipment. Miller also paid $70,000 in cash.
April 1		Acquired land and communication equipment in a group purchase. Total cost was $290,000 paid in cash. An independent appraisal valued the land at$228,375 and the communication equipment at $76,125.
Sep. 1		Sold a building that cost $570,000 (accumulated depreciation of $270,000 through December 31 of the precedingyear). Miller received $390,000 cash from the sale of the building. Depreciation is computed on astraight-line basis. The building has a40-year useful life and a residual value of $50,000.
Dec. 31		Recorded depreciation asfollows:Communication equipment is depreciated by thestraight-line method over a5-year life with zero residual value. Office equipment is depreciated using thedouble-declining-balance method over 6 years with $1,000residual value.