ecember 31, 2018, Pajeon Company reported the following as plant assets. Land $200,000 Buildings $250,000 Less: Accumulated depreciation-buildings 85.000 165,000 Equipment 290,000 Less: Accumulated depreciation-equipment 130,000 160.000 Total Property, Plant, and Equipment $525,000 During 2019, the following selected cash transactions occurred. Apr. 1 Sold equipment that cost $60,000 when purchased on January 1, 2016. The equipment was sold for $35,000. Sep. 1 Purchased equipment for $24,000. Pajeon uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 20-year useful life and no residual value. The equipment is estimated to have a 10-year useful life and no residual value. Required: Answer the following FOUR parts. (a) Journalize the above transactions. Make sure to update depreciation on assets disposed of at the time of sale or retirement. Debit Credit Date Apr. 1 Sep. 1 Question 17 (continued) (b) Prepare adjusting entries to record depreciation for 2019. Date Dec. 31 Debit Credit (c) Ignore your answers to parts (a) and (b), and assume that the balance of accumulated depreciation-buildings is $100,000 at December 31, 2019. Independent appraisers determine that the buildings have a fair value of $180,000. Prepare a journal entry to record the revaluation at December 31, 2019. Date Dec. 31 Debit Credit (d) Using your answer from part (c), indicate how the amounts of (1) net income and (2) other comprehensive income would change after recording the revaluation. In the table below, write your answer in the appropriate cells. If an amount does not change, write 0 (zero)" in the column of "No Effect." Ignore tax effects. No Effect Increased by $ Decreased by $ (1) Net Income $ (2) Other Comprehensive Income $ $ S