Learning Objectives 1, 2, 3 on method that meets the company's objectives. p9-32A Recording lump-sum asset purchases, depreciation, and disposals Grace Carol Associates surveys American eating habits. The company's ac include Land, Buildings, Office Equipment, and Communication Equipment separate Accumulated Depreciati completed the following transactions: Sep. 1 Gain $88,000 ount for each asset. During 2016, Grace Carol Jan. 1 Apr. 1 Sep. 1 Purchased office equipment. $112.000. Paid $74.000 cash and financed the remaining with a note payable. and and communication equipment in a lump-sum purchase. Total cost was $340,000 paid in cash. An independent appraisal value $267,750 and the communication equipment at $89,250. Sold a building that cost 5 d a building that cost $540,000 (accumulated depreciation of $240,000 00/cumulated de December 31 of the preceding vear), Grace Carol received $380,000 cash Trom 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 $60,000. 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. Dec. 31 Record the transactions in the journal of Grace Carol Associates. Learning Objective no 24 Accounting for natural resources