At January 1, 2017, Carla Vista Co. reported the following property, plant, and equipment accounts:

Accumulated depreciationbuildings $60,300,000Accumulated depreciationequipment 54,700,000Buildings 97,500,000Equipment 150,650,000Land 20,800,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjustments annually. 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.

During 2017, the following selected transactions occurred:

Apr. 1 Purchased land for $4.60 million. Paid $1.150 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April 1.May 1 Sold equipment for $240,000 cash. The equipment cost $3.60 million when originally purchased on January 1, 2009.June 1 Sold land for $4.68 million. Received $690,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.50 million when purchased on June 1, 2011. Interest on the note is due annually each June 1.July 1 Purchased equipment for $2.90 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received.

Your answer is correct.

Prepare a tabular summary that includes the property, plant, and equipment balances as of January 1, 2017. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Assets=Liabilities+Stockholders' EquityRetained EarningsCash+Notes Rec.+Interest Rec.+Land+Buildings-Accum. Depr. - Bldgs.+Equipment-Accum. Depr. - Equip.=Interest Payable+Notes Payable+Common Stock+Revenue-Expense-DividendJan. 1$

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SHOW LIST OF ACCOUNTS

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Your answer is partially correct. Try again.

Record the above transactions in the tabular summary from part (a). (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Assets=Liabilities+Stockholders' EquityRetained EarningsCash+Notes Rec.+Interest Rec.+Land+Buildings-Accum. Depr. - Bldgs.+Equipment-Accum. Depr. - Equip.=Interest Payable+Notes Payable+Common Stock+Revenue-Expense-DividendJan. 1$

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Apr. 1