Ambold Lock & Key, Inc. has a hefty investment in security equipment, as reported in the company's balance sheet at December 31, 20X5:

Property, plant, and equipment, at cost:

Land......................................................... $ 200,000

Buildings.................................................. 310,000

Less: Accumulated depreciation............... (40,000)

Security equipment................................... 620,000

Less: Accumulated depreciation............... (370,000)

In early July 20X6, Ambold purchased additional security equipment at a cost of $80,000. Ambold depreciates buildings by the straight-line method over 20 years with residual value of $70,000. Due to obsolescence, security equipment has a useful life of only 8 years and is being depreciated by the double-declining-balance method with zero residual value.

Required

1. Journalize Ambold's plant asset purchase and depreciation transactions for 20X6.

2. Report plant assets on the company's December 31, 20X6, balance sheet.