exp Jou eqte relo reti P95B At December 31, 2016, Durango Ltd. reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets 28,500,000 12,100,000 30,000,000 4,000,000 2,000,000 16,400,000 26,000,000 (LC Dane a7, he cumal 44,400,000 Mar 1 Purchased land for 1,350,000. April 1 Sold equipment that cost 420,000 when purchased on January 1, 2013. The June 1 Oct. 1 Dec. 31 equipment was sold for 248,000. Sold land purchased on June 1, 2007, for 1,000,000. The land cost 310,000. Purchased equipment for 1,260,000 Retired equipment that cost 300,000 when purchased on December 31, 2007. No residual value was received. Instructions (a) Journalize the above transactions. Durango uses straight-line depreciation for build- ings and equipment. The buildings are estimated to have a 50-year useful life and no residual value. The eq ual value. Update depreciation on assets disposed of at the time of sale or retir Record adjusting entries for depreciation for 2017, uipment is estimated to have a 10-year useful life and no resid- ecember (c) (c) Prepare the plant assets section of Durangos statement of financial position at D 31, 2017. sinment that cost 40,000 and that has been depreciated Rec