finance- Navaro Corporation reported the following plant assets.

QUESTION

Problem 9-2A
At
December 31, 2014, Navaro Corporation reported the following plant
assets.

Land

$ 3,159,000

Buildings

$27,760,000

Less: Accumulated depreciationâbuildings

12,557,025

15,202,975

Equipment

42,120,000

Less: Accumulated depreciationâequipment

5,265,000

36,855,000

Total plant assets

$55,216,975

During 2015, the following selected cash transactions occurred.

Apr.

Purchased land for $2,316,600.

May

Sold equipment that cost $631,800 when purchased on
January 1, 2008. The equipment was sold for $179,010.

June

Sold land for $1,684,800. The land cost $1,053,000.

July

Purchased equipment for $1,158,300.

Dec.

Retired equipment that cost $737,100 when purchased
on December 31, 2005. No salvage value was received.

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Your
answer is partially correct. Try again.

Journalize the transactions. Navaro uses straight-line
depreciation for buildings and equipment. The buildings are estimated to
have a 40-year useful life and no salvage value; the equipment is
estimated to have a 10-year useful life and no salvage value. Update
depreciation on assets disposed of at the time of sale or
retirement.(Record
entries in the order displayed in the problem statement. Credit account
titles are automatically indented when amount is entered. Do not indent
manually.)

Date

Account Titles and Explanation

Debit

Credit

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(To
record depreciation on equipment sold)

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(To
record depreciation on equipment retired)

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Record adjusting entries for depreciation for 2015.(Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)

Date.

Account Titles and Explanation

Debit

Credit

Dec. 31

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(To record depreciation on buildings.)