Enter the 2018 transactions in the tabular summary from part (a). Sarasota 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.)

Practice Problem Set 1 (Part Level Submission) At December 31, 2017, Sarasota Corporation reported the following plant assets. Land $ 5,898,000 Buildings $26,650,000 Less: Accumulated depreciation- 23,444,550 3,205,450 buildings Equipment 78,640,000 Less: Accumulated depreciation- 9,830,000 68,810,000 equipment Total plant assets $77,913,450 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $4,325,200. May Sold equipment that cost $1,179,600 when purchased on January 1, 2011. The equipment was sold for $334,220. June 1 Sold land for $3,145,600. The land cost $1,966,000. July 1 Purchased equipment for $2,162,600. Dec. 31 Retired equipment that cost $1,376,200 when purchased on December 31, 2008. No salvage value was received. 1 Assets (c) 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.) = Liabilities + Stockholders' Equity Retained Earnings Cash + + Land + Buildings - Accum. Depr. - Bldgs. + Equipment Accum. Depr. - Equip. = + Common Stock + Revenue Expense Dividend Bal. $5,898,000 $26.650.000 $23,444,550 $78,640,000 $9,830,000 Apr. 1 $-4,325,200 4,325,200 May 1 -39,320 $-39,320 Depreciation expense May 1 334,220 -1,179,600 865,040 $19,660 Gain on disposal June 1 3,145,600 - 1,966,000 1,179,600 Gain on disposal July 1 -2,162,600 2,162,600 Dec. 31 -137,620 -137,620 Depreciation expense Dec. 31 -1,376,200 1,376,200 Dec. 31 Depreciation expense I Dec. 31 Depreciation expense