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Sophic Millor Associates surveys American eating habits. The company's accounts include Land, Bueldings, Office Equiprsent, and Communication Equipment with a separate Accumulated Depreciabion account for each depreciable asset. During 2024, Sophie Miler Associates compleled the following transactions: (Click the ioon to view the transactions.) Record the transactions in the joumai of Sophie Maler Associates. (Reoord debits firth, then credits. Seloct the explanation on the last ine of the joumal entry table.) Jan. 1. Purchased office equpment, $120,000. Paid $51,000 cash and financed the remainder wth a nose payable. (Recoord as single compound journal eatry) Apr. 1: Aoquired land and corrmunicaton equipmant in a hump-bum purchace. fotal cost was 5300,000 paid in cath. An independent apprasal valued the land at 5307,125 and the communication equement at 5102.375. (Record a single compound journa entry) Sep, 1: Sold a builing that cost 5540,000 (accumulated depreciafon of 3240,000 through Decomber 31 of the eorecoding year) Sophile Miler Assoclates recened 5390.000 cash trom the sale of the building. Depreciation is computed on a straight-ine basis. The bulding has a 40 -year useful Ife and a residual value of 560,000 Sep. 1: Sold a buliding that cost $540,000 (acoumulated depreciabion of $240,000 through Decernber 31 of the preceding year) Sophie Mier Associates received $390,000 cash trom the sale of the builing. Depreciation is computed on a straight-ine basis. The bulding has a 40 -year useful ife and a rosidual value of $60.000. Before we record the sale of the bulding. we must recard depreciation on the bulding through September 1, 2024. Now record the saie of the bulding on Sebtember 1 . Doc. 31: Record depreciation on the communication equipment. Comnunicason equpenent is deprecialed by the straight-line method ovec a five-year life with zero resisual value

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