CALCULATOR) PRENTER VERSION BACK NEXT Problem 9-05A a1-c (Video) (Part Level Submission) At December 31, 2020, Sunland Company reported the following as plant assets. Land $4,360,000 Buildings $29,770,000 Less: Accumulated depreciation-buildings 12,500,000 17,270,000 Equipment 47,890,000 Less: Accumulated depreciation-equipment 4,870,000 43,020,000 Total plant assets $64,650,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,030,000. Sold equipment that cost $1,110,000 when purchased on January 1, 2017. The equipment was sold for $666,000. Sold land purchased on June 1, 2011 for $1,490,000. The land cost $391,000. y 1 June 1 Purchased equipment for $2,580,000. July 1 Retired equipment that cost $489,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Dec. 31 v(a) Your answer is partially correct 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 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Your answer is partially correct. 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 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Credit Date Account Titles and Explanation 2030000 Land p. 1 2030000 Cash 666000 Cash May 1 481000 Accumulated Depreciation-Equipment (To record depreciation) 1110000 Equipment May 1 37000 Gain on Disposal.of Plant Assets 152 AM D de ENG 10/12/2019 (To record depreciation) May 1 Equipment 1110000 Gain on Disposal of Plant Assets 37000 (To record sale of equipment) 1490000 Cash 1099000 Gain on Disposal of Plant Assets July 1 391000 Land 2580000 Equipment July 1 Cash 1490000 July 1 Gain on Disposal of Plant Assets 1099000 Land 391000 Equipment July 1 2580000 Cash 2580000 (To record depreciation) Accumulated Depreciation-Equipment Dec. 31 489000 Equipment 489000 (To record retire ment of equipment) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT X Your answer is partially correct. Record adjusting entries for depreciation for 2021. (Credit account titles are automatically indented when amr entries in the order presented in the problem. If no entry is required, select "No Entry" for the account tit Account Titles and Explanation Date Debit Credit Depreciation Expense Dec. 31 595400 Accumulated Depreciation-Buildings 545400 (To record building depreciation) Depreciation Expense Dec. 31 4753000 Accumulated Depreciation-Equipment 4753000 (To record equipment depreciation) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT (c) Prepare the plant assets section of Sunland's balance sheet at December 31, 2021. (List Plant Assets in Sunland Company Balance Sheet (Partial) Open Show Work Click if you would like to Show Work for this question: 4A ST