eyplus.com or Sign Up Chegg.com Home expired Question 1 4.25/5 At December 31, 2017, Ayayai Corporation reported the following plant assets Land Buildings Less: Accumulated depreciation-buildings11,936,925 Equipment Less: Accumulated depreciation-equipment5,005,000 Total plant assets 3,003,000 26,510,000 14,573,075 0,040,000 35,035,000 $52,611,075 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $ 2,202,200. May 1 Sold equipment that cost $ 600,600 when purchased on January 1, 2011. The equipment was sold for $170,170. June 1 Sold land for $1,601,600. The land cost $ 1,001,000. July 1 Purchased equipment for $ 1,101,100 Dec. 31 Retired equipment that cost $ 700,700 when purchased on December 31, 2008. No salvage value was received Sign Up | C 1601600 Land Gain on Disposal of Land 1101100 106040 depreciation on equipment retired) eTextbook and Media -Your answer is partially Record adjusting entries for depreciation for 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 1060400 1060400 Accumulated Depreciation-Buildings (To record depreciation on buildings.) Dec. 31 28925 Depreciation Expense 3928925 Accumulated Depreciation-Equipment (To record depreciation on equipment.) eTextbook and Media List of Accounts