Journalize equipment transactions related to purchase, sale, retirement, and depreciation At December 31. 2014, Navaro, Corporation reported the following plant assets During 2015. the following selected cash transactions occurred Apr 1 Purchased land for S2.200.000. May 1 Sold equipment that cost $600, 000 when purchased on January' 1, 2006 The equipment was sold for SI70, 000 June 1 Sold land for $1, 600, 000 The land cost $1, 000, 000. July 1 Purchased equipment for $1, 100, 000. Dec 31 Retired equipment that cost $700, 000 when purchased on December 31. 2005 No salvage value was received. Instructions (a) Journalize the transactions Navora 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. (b) Record adjusting entries for depreciation for 2015. (c) Prepare the plant assets section of Mavora's balance sheet at December 31. 2015