Journalize the transactions. Navaro 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. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

At December 31, 2014, Navaro Corporation reported the following plant assets $ 3,531,000 Land Buildings Less: Accumulated depreciation buildings Equipment Less: Accumulated depreciation- equipment Total plant assets $30,810,000 14,035,725 16,774,275 47,080,000 5,885,000 41,195,000 $61,500,275 During 2015, the following selected cash transactions occurred. 1 Purchased land for $2,589,400. Apr. May Sold equipment that cost $706,200 when purchased on January 1, 2008. The equipment was sold for June 1 July 1 Dec. 31 $200,090 Sold land for $1,883,200. The land cost $1,177,000. Purchased equipment for $1,294,700 Retired equipment that cost $823,900 when purchased on December 31, 2005. No salvage value was received