CALCULATOR PRINTER VERSsiON Question 1 At January 1, 2017, Carla Vista Co, reported the following property, plant, and equipment accounts Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings $60,300,000 54,700,000 97,500,000 150,650,000 Equipment Land 20,800,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually, The buildings are estimated to have a 40-year useful Me no salvage value; the equipment is estimated to have a 10-year useful ife and no salvage value, During 2017, the following selected transactions occurred. Purchased land for $4.60 milion. 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 Sold equipment for $240,000 cash. The equipment cost $3.60 million when originally purchased on January 1, 2009. 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 millon when purchased on June 1, 2011. Interest on the note is due annually each June 1, Purchased equipment for $2.90 million cash Retired equipment that cost $1 milion when purchased on December 31,, 2007. No proceeds were received. Apr. 1 May 1 June 1 July 1 Dec. 31 (a) Your answer is correct Record the above transactions. (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.) Date Account Titles and Explanation Debit Credit April 1 4600000 Land 1150000 Cash 3450000 Notes Payalble Depreciation Expense 120000 May 1 120000 Accumulated Deprecietion Eqipment (To record depreciation expers May 1 Cash 240000 0019 Type here to search (To record interest accrued but not yet received) SHOW ANSWER SHOW SOLUTION SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT (c) Prepare the property, plant, and equipment section of the company's statement of financial position at December 31, (List CARLA VISTA CO. Statement of Financial Position (Partial) December 31, 2017 Property, Plant and Equipment Land Buildings Accumulated Depreciation-Buildings Less toupment Less Accumulated Depreciation-Equipment Total Property, Plant and Equipment INK TO TET INK TO TE AINK TO TEK Type here to vearch He re