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help solve pleaee!! At December 31, 2025. Ayayai Corporntion reported the following plant assets. During 2026, the following selected cash transactions occurred. Apr: 1 Purchased
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At December 31, 2025. Ayayai Corporntion reported the following plant assets. During 2026, the following selected cash transactions occurred. Apr: 1 Purchased land for $3,841,200. May 1 Sold equipment that cost $1,047,600 when purchased on January 1,2019 . The equipment was sold for $296,820. June 1 Sold land for $2,793,600. The land cost $1,746,000. July 1 Purchased equipment for $1,920,600. Dec. 31 Retired equipment that cost $1,222,200 when purchased on December 31,2016 , No salvage value was received. Journalize the transactions. (Hint You may wish to set up T-accounts, post beginning balances, and then post 2026 transactions. Ayayai 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. (List all debit entries before credit entries. Record entries in the order disployed in the problem statement. Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter Ofor the amounts) Record adjusting entries for depreciation for 2026. (List debit entry before credit entry. Credit account titles are outomatically indented when amount is entered. Do not indent manuolly. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts.) Prepare the plant assets section of Ayayai's balance sheet at Decenber 31, 2026. (list Plant Assets in onder of Land, Bulicling, and Equipment) Step by Step Solution
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