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Conti Lake Resort reported the following on its balance sheet at December 31, 2018: : (Click the icon to view the partial balance sheet.) (Click
Conti Lake Resort reported the following on its balance sheet at December 31, 2018: : (Click the icon to view the partial balance sheet.) (Click the icon to view additional information.) Requirements 1. Journalize Conti Lake Resort's plant asset purchase and depreciation transactions for 2019. 2. Report plant assets on the December 31, 2019, balance sheet. Requirement 1. Journalize Conti Lake Resort's plant asset purchase and depreciation transactions for 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by journalizing the plant asset purchase. Journal Entry Date Accounts Debit Credit Partial balance sheet Depreciation information Property, plant, and equipment, at cost: Land $ 140,000 Next, journalize the depreciation on the buildings 700,000 On July 1 2019, the resort expanded operations and purchased additional equipment for cash at a cost of $108,000. The company depreciates buildings using the straight-line method over 20 years with residual values of $86,000. Due to expected obsolescence, the equipment has a useful life of only 10 years and is being depreciated by the double-declining-balance method with a residual value of zero. Buildings... Less: Accumulated depreciation Equipment Less: Accumulated depreciation Journal Entry Accounts Date Debit Credit (341,000) 404,000 (261,000) Print Done Print Done Now journalize the depreciation on the equipment. Journal Entry Date Accounts Debit Credit Requirement 2. Report plant assets on the December 31, 2019, balance sheet. Balance Sheet Property, plant, and equipment: Less: HII Less: Total property, plant, and equipment
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