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2016, Ellie Johnson completed the following transactions: Click the icon to view the transactions.) Record...

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Accounting

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2016, Ellie Johnson completed the following transactions: Click the icon to view the transactions.) Record the transactions in the journal of Ellie Johnson Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1 Purchased office equipment, $110,000. Paid $77,000 cash and financed the remaining with a note payable. Apr. 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $430,000 paid in cash. An independent appraisal valued the land at $338,625 and the communication equipment at $112,875. Sep. 1 Sold a building that cost $555,000 (accumulated depreciation of $255,000 through December 31 of the preceding year). Ellie Johnson 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 $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 $5,000 residual value

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