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At December 31,2017, Sarasota Corporation reported the following plant assets. $5,898,000 Land Buildings Less: Accumulated depreciation-buildings 23444.550 Equipment Less: Accumulated depreciation-equipment 9,830,000 Total plant assets $26,650,000 3,205,450 78,640,000 68,810,000 $77,913,450 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $4,325,200. May 1 Sold equipment that cost $1,179,600 when purchased on January 1,2011. The equipment was sold for $334,220. June 1 Sold land for $3,145,600. The land cost $1,966,000. July 1 Purchased equipment for $2,162,600. Dec. 31 Retired equipment that cost $1,376,200 when purchased on December 31, 2008. No salvage value was received. Your answer is correct. Journalize the transactions. Sarasota uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life arn displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Date Account Titles and Explanation Debit Credit April 1 Land 4325200 Cash 4325200 May 1 Depreciation Expense 39320 Accumulated Depreciation-Equipment 39320 To record depreciation on equipment sold) as 334220 Accumulated Depreciation-Equipment 865040 Equipment 1179600 Gain on Disposal of Plant Assets 19660 une 1Cash 3145600 Land 1966000 Gain on Disposal of Land 1179600 July 1 Equipment 2162600 Cash 2162600 Dec. 31 Depreciation Expense 137620 Accumulated Depreciation-Equipment 137620 To record depreciation on equipment retired) Accumulated Depreciation-Equipment 1376200 Equipment 1376200 Your answer is correct. Record adjusting entries for depreciation for 2018. (Credit account titles are automatically indented when amount is entered. Do not indent Date Account Titles and Explanation Dec. 31 Depreciation Expense Debit Credit 666250 Accumulated Depreciation-Buildings 666250 (To record depreciation on buildings.) Dec. 31 Depreciation Expense 7716550 Accumulated Depreciation-Equipment 7716550 To record depreciation on equipment.) -Your answer ls partially correct. Prepare the plant assets section of Sarasota's balance sheet at December 31,2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) (List Plant Assets in order of Land, Building and Equipment.) SARASOTA CORPORATION Partial Balance Sheet December 31,2018 Plant Assets Land 8257200 Buildings $ 26650000 less O : Accumulated Depreciation-Bulldings 24110800 2539200 8246800 Equipment Less : Accumulated Depreciation-Equipment Total Plant Assets 7795190 78246800 86504000

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