25 At December 31, 2016, Sage SA reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Less: Accumulated depreciation- Equipment equipment Total plant assets 3,149,000 27,403,000 12,729,000 14,674,000 39,703,000 4,513,000 35,190,000 53,013,000 During 2017, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for 2,302,000. Sold equipment that cost 696,000 when purchased on January 1, 2013. The equipment was sold for 431,520. Sold land purchased on June 1, 2007 for 1,859,000. The land cost 302,000. Purchased equipment for 2,218,000. Retired equipment that cost 577,000 when purchased on December 31, 2007. No residual value was received. 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 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 (To record depreciation) May 1 (To record sale of equipment) Debit Credit (To record depreciation) (To record retirement of equipment) SHOW LIST OF ACCOUNTS 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 Dec. 31 (To record building depreciation) Prepare the plant assets section of Sage's statement of financial position at December 31, 2017. (List Property, plant and equipment in order of land, buildings and equipment.) SAGE SA Partial Statement of Financial Position