Enter the 2018 transactions in the tabular summary from part (a). Blue uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful 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. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Record adjustments to accounts for depreciation for 2018. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

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Problem 7-2 (Part Level Submission) At December 31, 2017, Blue Corporation reported the following plant assets. $ 5,853,000 3,474,325 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,740,000 23,265,675 78,040,000 9,755,000 68,285,000 $77,612,325 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $4,292,200. May 1 Sold equipment that cost $1,170,600 when purchased on January 1, 2011. The equipment was sold for $331,670. June 1 Sold land for $3,121,600. The land cost $1,951,000. July 1 Purchased equipment for $2,146,100. Dec. 31 Retired equipment that cost $1,365,700 when purchased on December 31, 2008. No salvage value was received. (a) Your answer is correct. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2017, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or p in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities + Stockholders' Equity Retained Earnings Revenue le - - Expense Cash + Land + - Accum. Depr. - Bldgs. + - Accum. Depr.- Equip. = + Common Stock + Dividend Buildings 26,740,000 Equipment 78,040,000 Bal. s 5,853,000 -23,265,675 4,755,00 -9,755,000 O D Assets Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense - Cash + + + Common Stock + Dividend Land 5,853,000 Buildings 26,740,000 - Accum. Depr. - Bldgs. + 1-23,265,675 Equipment 78,040,000 - Accum. Depr. - Equip. = J -9,755,000 292,2 -39.0 -39 Depreciation expense 1-1,170,600 858.440 Gain on disposal -1.951,000 170,600 TGain on disposal T2,146,100 -136,5701 Depreciation expense Dec 31 1 1 -1,365,700 1,365,700 Assets Stockholders' Equity Retained Earnings Revenue - Expense . Cash + Land + Buildings - Accum. Depr. - Bldgs. + Equipment - Accum. Depr. - Equip. = + Common Stock + ddddddtici: idddddddd conditiile THE cittdividuell 668,500 -668,500 Depreciation expense