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.

Collapse question part (a) Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2017, balance sheet. Bal. Cash + land + buildings-Accum.Depr.- Bldgs + Equipment - Accum. Dept. - Equip = Liabilities + common stock + Revenue - Expense - Divided