At December 31, 2016, Jimenez SA reported the following as plant assets. During 2017, the following selected cash transactions occurred. April 1 Purchased land for euro 2, 200,000. May 1 Sold equipment that cost euro 750,000 when purchased on January 1, 2013. The equipment was sold for euro 466,000. June 1 Sold land purchased on June 1, 2007 for euro 1, 800,000. The land cost euro 300,000. July 1 Purchased equipment for euro 2, 450,000. Dec. 31 Retired equipment that cost euro 500,000 when purchased on December 31, 2007. No residual value was received. (a) 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. (b) Record adjusting entries for depreciation for 2017. (c) Prepare the plant assets section of Jimenez's statement of financial position at December 31, 2017. e) Prepare the depreciation JE for the revalued buildings on December 31, 2018. Assume the useful life was set to 50 years from December 31, 2017 going forward. f) Suppose that on December 31, 2018, the buildings were re-valued to exist12,000,000. Prepare all required JEs. g) Suppose that on December 31, 2018, the land that had been re-valued to exist2,000,000 was now appraised at exist2, 500,000, and the land that had been appraised at exist10,000,000 was now appraised at exist9, 800,000. (See d) 1) above.) Prepare the revaluation JEs. h) Suppose the land that had been re-valued to exist9, 800,000 was sold in 2019 for exist9, 500,000 cash. Record the JE. After the sale, the chief accountant for Jimenez has regrets that she chose to revalue the land. Explain the most likely reason for the regret. At December 31, 2016, Jimenez SA reported the following as plant assets. During 2017, the following selected cash transactions occurred. April 1 Purchased land for euro 2, 200,000. May 1 Sold equipment that cost euro 750,000 when purchased on January 1, 2013. The equipment was sold for euro 466,000. June 1 Sold land purchased on June 1, 2007 for euro 1, 800,000. The land cost euro 300,000. July 1 Purchased equipment for euro 2, 450,000. Dec. 31 Retired equipment that cost euro 500,000 when purchased on December 31, 2007. No residual value was received. (a) 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. (b) Record adjusting entries for depreciation for 2017. (c) Prepare the plant assets section of Jimenez's statement of financial position at December 31, 2017. e) Prepare the depreciation JE for the revalued buildings on December 31, 2018. Assume the useful life was set to 50 years from December 31, 2017 going forward. f) Suppose that on December 31, 2018, the buildings were re-valued to exist12,000,000. Prepare all required JEs. g) Suppose that on December 31, 2018, the land that had been re-valued to exist2,000,000 was now appraised at exist2, 500,000, and the land that had been appraised at exist10,000,000 was now appraised at exist9, 800,000. (See d) 1) above.) Prepare the revaluation JEs. h) Suppose the land that had been re-valued to exist9, 800,000 was sold in 2019 for exist9, 500,000 cash. Record the JE. After the sale, the chief accountant for Jimenez has regrets that she chose to revalue the land. Explain the most likely reason for the regret