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

Land $ 5,883,000

Buildings $26,560,000

Less: Accumulated depreciationbuildings 23,384,925 3,175,075

Equipment 78,440,000

Less: Accumulated depreciationequipment 9,805,000 68,635,000

Total plant assets $77,693,075

During 2018, the following selected cash transactions occurred.

Apr. 1 Purchased land for $4,314,200.

May 1 Sold equipment that cost $1,176,600 when purchased on January 1, 2011. The equipment was sold for $333,370.

June 1 Sold land for $3,137,600. The land cost $1,961,000.

July 1 Purchased equipment for $2,157,100.

Dec. 31 Retired equipment that cost $1,372,700 when purchased on December 31, 2008. No salvage value was received.

Journalize the transactions. Flounder 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. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Record adjusting entries for depreciation for 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(To record depreciation on buildings.)

(To record depreciation on equipment.)

Prepare the plant assets section of Flounders balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) (List Plant Assets in order of Land, Building and Equipment.)

FLOUNDER CORPORATION

Partial Balance Sheet