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Record the transactions in the journal 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, $$118,000.$ Paid $$82,000$ cash and financed the remainder with a note payable. $($Record a single compound journal entry.$)$

journal entry.$)$

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Jan. $1$ Purchased office equipment, $$118,000.$ Paid $$82,000$ cash and financed the remainder

with a note payable.

Apr. $1$ Acquired land and communication equipment in a lump$-$sum purchase. Total cost was

$$450,000$ paid in cash. An independent appraisal valued the land at $$354,375$ and the

communication equipment at $$118,125.$

Sep. $1$ Sold a building that cost $$540,000($accumulated depreciation of $$275,000$ through

December $31$ of the preceding year$).$ Hilda Carr Associates received $$350,000$ 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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