1) Journalize the above transactions. The company uses straight line depreciation for buildings and equipment. The buildings are estimated to have a 50 year 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.

2) prepare the plant assets section of martinezs balance sheet at December 31, 2021.

3) Record adjusting entries for depreciation for 2021.

At December 31, 2020, Martinez Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings 12,200,000 16,320,000 Equipment Less: Accumulated depreciation-equipment 5,220,000 43,160,000 $3,860,000 $28,520,000 48,380,000 Total plant assets $63,340,000 During 2021, the following selected cash transactions occurred. April 1 May 1 Purchased land for $2,080,000. Sold equipment that cost $1,170,000 when purchased on January 1, 2017. The equipment June 1 July 1 Dec. 31 was sold for $702,000. Sold land purchased on June 1, 2011 for $1,430,000. The land cost $409,000. Purchased equipment for $2,580,000 Retired equipment that cost $515,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. 2080000 Apr. 1 Land Cash 2080000 1170 May 1 Depreciation Expense Accumulated Depreciation-Equipment 1170 (To record depreciation) May 1 Cash Accumulated Depreciation-Equipment Equipment Gain on Disposal of Plant Assets (To record sale of equipment) June 1 Cash Land Gain on Disposal of Plant Assets :July 1 Equipment cash Dec. 31 Y Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Accumulated Depreciation-Equipment Equipment Dec. 31 Prepare the plant assets section of Martinez's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) Martinez Company Balance Sheet (Partial) Property Plant and Equipment Land Buildings Less Y Accumulated Depreciation-Buildings Equipment Less Accumulated Depreciation-Equipment Total Property Plant and Equipment