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Accounting

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the question:

At December 31, 2014, Navaro Corporation reported the following plant assets.

Land

$ 4,428,000

Buildings

$35,190,000

Less: Accumulated depreciationbuildings

17,601,300

17,588,700

Equipment

59,040,000

Less: Accumulated depreciationequipment

7,380,000

51,660,000

Total plant assets

$73,676,700

During 2015, the following selected cash transactions occurred.

Apr. 1 Purchased land for $3,247,200.
May 1 Sold equipment that cost $885,600 when purchased on January 1, 2008. The equipment was sold for $250,920.
June 1 Sold land for $2,361,600. The land cost $1,476,000.
July 1 Purchased equipment for $1,623,600.
Dec. 31 Retired equipment that cost $1,033,200 when purchased on December 31, 2005. No salvage value was received.imageimageimageimage
Apri 1 Land 3,247,200 Cash 3,247,200 May 1 Depreciation Expense 29520 29520 Accumulated Depreciat To record depreciation on equipment sold) Cash Accumulated Depreciation 250,920 649440 885,600 Equipment Gain on Disposal of Pla 14760 June 1 :| | cash 2,361,600 Land 1,476,000 76,000 Gain on Disposal of Pla 885600 uly 1Equipment 1,623,600 Cash 1,623,600

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