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Journalize equipment transactions related to purchase, sales, retirements and depreciation. At December 31, 2025, Arnold Corporation reported the following plant assets. During 2026, the following
Journalize equipment transactions related to purchase, sales, retirements and depreciation. At December 31, 2025, Arnold Corporation reported the following plant assets. During 2026, the following selected cash transactions occurred. Apr. 1 Purchased land for $3400,000. May 1 Sold equipment that cost $550,000 when purchased on January 1,2019 . The equipment was sold for $350,000. June 1 Sold land for $2200,000. The land cost $1,500,000. July 1 Purchased equipment for $2200,000. Dec. 31 Retired equipment that cost $800,000 when purchased on December 31,2016 . No salvage value was received. Instructions a Prepare the plant assets section of Arnold's balance sheet at December 31, 2026 and the t accounts |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. Round to two decimals if needed NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells. a
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