Depreciation Information On July 1 2019, the resort expanded operations and purchased additional equipment for cash at a cost of $104,000. The company depreciates buildings using the straight-ine method over 20 years with residual values of $82,000. 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 Print Done Partial Balance Sheet Property, plant, and equipment, at cost Land Buildings Less: Accumulated depreciation Equipment Less: Accumulated depreciation S 146,000 701,000 (348,000) 407,000 (268,000) Print Done Requirement 1. Journalize Greco 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 Next, journalize the depreciation on the buildings Journal Entry Date Accounts Debit Credit 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: Less: Total property, plant, and equipment