At December 31, 2012, Rivera Corporation reported the following plant assets.

Land $ 3,120,000

Buildings $29,130,000

Less: Accumulated depreciationbuildings 12,402,000 16,728,000

Equipment 41,600,000

Less: Accumulated depreciationequipment 5,200,000 36,400,000

Total plant assets $56,248,000

During 2013, the following selected cash transactions occurred.

Apr. 1 Purchased land for $2,288,000.

May 1 Sold equipment that cost $624,000 when purchased on January 1, 2006. The equipment was sold for $176,800.

June 1 Sold land for $1,664,000. The land cost $1,040,000.

July 1 Purchased equipment for $1,144,000.

Dec. 31 Retired equipment that cost $728,000 when purchased on December 31, 2003.

No salvage value was received.

A)Journalize the transactions. Rivera 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.

B)Record adjusting entries for depreciation for 2013.

C)Prepare the plant assets section of Riveras balance sheet at December 31, 2013. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2013 transactions.