WP10-32A (similar to) Question Help Hilda Carr 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, Hilda Cart completed the following transactions: i (Click the icon to view the transactions.) Record the transactions in the joumal of Hilda Carr Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $111.000. Paid $73,000 cash and financed the remaining with a note payable. (Record a single compound journal entry) Date Accounts and Explanation Debit Credit More Info Jan. 1 Office Equipment 111,000 Cash 73,000 Notes Payable 38,000 Jan. 1 Purchased office equipment $111.000. Paid $73,000 cash and financed the remaining with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost To record purchase of office equipment with cash and note payable. was $350,000 pald In cash. An Independent appraisal valued the land at $275,625 and the communication equipment at $91,875. Apr. 1: Acquired land and communication equipment in a lump sum purchase. Total cost was $350,000 paid in cash. An independent apl Sep. 1 Sold a building that cost $555,000 (accurrulated depreciation of $255,000 through compound journal entry.) December 31 of the preceding year). Hilda Carr received S420,000 cash from the sale of the building. Depreciation is computed on a straight-line basis. The building Date Accounts and Explanation Debit Credit has a 40-year useful life and a residual value of $75,000. Apr. 1 Land Dec. 31 Recorded depreciation as follows: Communication Equipment Communication equipment is depreciated by the straight-line method over a five-your life with zero residual value. Cash Office equipment is depreciated using the double declining balance method over five years with a $4,000 residual value. To record purchase of land and communication equipment with cash. Print Done