At December 31, 2017, Bramble Corporation reported the following plant assets.

Land				$ 3,753,000
Buildings		$26,750,000
Less: Accumulated depreciationbuildings		14,918,175		11,831,825
Equipment		50,040,000
Less: Accumulated depreciationequipment		6,255,000		43,785,000
Total plant assets				$59,369,825

During 2018, the following selected cash transactions occurred.

Apr.	1		Purchased land for $2,752,200.
May	1		Sold equipment that cost $750,600 when purchased on January 1, 2011. The equipment was sold for $212,670.
June	1		Sold land for $2,001,600. The land cost $1,251,000.
July	1		Purchased equipment for $1,376,100.
Dec.	31		Retired equipment that cost $875,700 when purchased on December 31, 2008. No salvage value was received.

1. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2017, balance sheet.

Cash

+

Land

+

Buildings

-

Accum. Depr. - Bldgs.

+

Equipment

-

Accum. Depr. - Equip.

=

+

Common Stock

+

Revenue

-

Expense

2. Enter the 2018 transactions in the tabular summary from part (a). Bramble 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.

Retained Earnings

Cash

+

Land

+

Buildings

-

Accum. Depr. - Bldgs.

+

Equipment

-

Accum. Depr. - Equip.

=

+

Common Stock

+

Revenue

-

Expense

-

Dividend

Bal.

$

$

$

$

$

$

$

$

$

$

$

3. Record adjustments to accounts for depreciation for 2018.

Retained Earnings

Cash

+

Land

+

Buildings

-

Accum. Depr. - Bldgs.

+

Equipment

-

Accum. Depr. - Equip.

=

+

Common Stock

+

Revenue

-

Expense

-

Dividend

4. Prepare the plant assets section of Brambles balance sheet at December 31, 2018.