At December 31, 2016, Pearl SA reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation- equipment Total plant assets 3,208,000 28,461,000 13,312,000 15,149,000 40,299,000 5,384,000 34,915,000 53,272,000 During 2017, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for C2,468,000. Sold equipment that cost C657,000 when purchased on January 1, 2013. The equipment was sold for 407,340. Sold land purchased on June 1, 2007 for 1,841,000. The land cost 298,000. Purchased equipment for 2,477,000. Retired equipment that cost 534,000 when purchased on December 31, 2007. No residual value was received. BACK NEXT 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 Apr. 1 Debit Credit May 11 May 1 (To record depreciation) (To record sale of equipment) June 1 Policy | 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc Version 4.24.20.1 July 1 Dec. 31- Dec. 31 8 (To record depreciation) (To record retirement of equipment)) SHOW LIST OF ACCOUNTS PRINTER VERSION BACK NEXT 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 Pearl's statement of financial position at December 31, 2017. (List Property, plant and equipment in order of land, buildings and equipment.) PEARL SA Partial Statement of Financial Position SHOW LIST OF ACCOUNTS