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Janie Mills 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

2024,

Janie

Mills

Associates completed the following transactions:

Janie Mills 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 2024, Janie Mills Associates completed the following transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Janie Mills Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $119,000. Paid $72,000 cash and financed the remainder with a note payable. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit More Info Jan. 1 Office Equipment 119000 Cash 72000 Notes Payable 47000 Jan. 1 To record purchase of office equipment with cash and note payable. Apr. 1 pmpound journal Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $400,000 paid in cash. An indep entry) Date Accounts and Explanation Debit Credit Purchased office equipment, $119,000. Paid $72,000 cash and financed the remainder with a note payable Acquired land and communication equipment in a lump-sum purchase. Total cost was $400,000 paid in cash. An independent appraisal valued the land at $315,000 and the communication equipment at $105,000 Sold a building that cost $580,000 (accumulated depreciation of $280,000 through December 31 of the preceding year). Janie Mills Associates received $360,000 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 $40,000. 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 $2,000 residual value. Sep. 1 Apr. 1 Land Communication Equipment Cash 400000 Dec. 31 To record purchase of land and communication equipment with cash. Print Done Choose from any list or enter any number in the input fields and then continue to the next

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