Whitney Plumb 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, Whitney Plumb Associates completed the following transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Whitney Plumb Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $114,000. Paid $80,000 cash and financed the remainder with a note payable. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit Jan. 1 114.000 Office Equipment Cash Notes Payable 80,000 34,000 To record purchase of office equipment with cash and note payable. Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $370,000 paid in cash. An independent appraisal valued the land at $291,375 and the communication equipment at $97,125. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit X More Info Apr. 1 Land Communication Equipment Cash 370000 To record purchase of land and communication equipment with cash. Jan. 1 Purchased office equipment, $114,000. Paid $80,000 cash and financed the remainder with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $370,000 paid in cash. An independent appraisal valued the land at $291,375 and the communication equipment at $97,125. Sep. 1 Sold a building that cost $540,000 (accumulated depreciation of $275,000 through December 31 of the preceding year). Whitney Plumb 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 $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 $3,000 residual value. Print Done Choose from any list or enter any number in the input fields and then click Check