10 At December 31, 2016, Tamarisk Ltd. reported the following as plant assets. Land 2,960,000 Buildings 26,900,000 Less: Accumulated depreciation-buildings 12,042,000 14,858,000 Equipment 40,685,000 Less: Accumulated depreciation- 4,944,000 equipment Total plant assets 35,741,000 53,559,000 During 2017, the following selected cash transactions occurred. Mar. 1 April 1 Purchased land for 2,014,000. Sold equipment that cost 456,000 when purchased on January 1, 2013. The equipment was sold for 269,040. June 1 Sold land purchased on June 1, 2007, for 1,191,000. The land cost 292,000. Oct. 1 Dec. 31 Purchased equipment for 1,797,000. Retired equipment that cost 317,000 when purchased on December 31, 2007. No residual value was received. Your answer is partially correct. Journalize the above transactions. Tamarisk uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year useful life and no residual value. The equipment is estimated to have a 10-year useful life and no residual value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 1 Land Debit 2,014,000 Credit cash 2,014,000 Apr. 1 Depreciation Expense 11400 Accumulated Depreciati 11400 (To record depreciation) Apr. 1 Cash 269,040 Accumulated Depreciation- Gain on Disposal of Plant A Equipment (To record sale of equipment) 456,000 June 1 Cash Oct. 1 Land Gain on Disposal of Plant A Equipment Cash Dec. 31 Depreciation Expense Dec. 31 Accumulated Depreciation- (To record depreciation) Accumulated Depreciation- Equipment (To record retirement of equipment) 100 Your answer is partially correct. Record adjusting entries for depreciation for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense [Accumulated Depreciation- (To record building depreciation) Dec. 31 Depreciation Expense [Accumulated Depreciation- (To record equipment deprecition) Prepare the plant assets section of Tamarisk's statement of financial position at December 31, 2017. (List Property, plant and equipment in order of land, buildings and equipment.) Property, Plant and Equipment Land TAMARISK COMPANY Partial Statement of Financial Position December 31, 2017 Buildings Less [Accumulated Depreciation- Equipment Less Accumulated Depreciation- Total Property, Plant and Equipment