Moretti Lake Resort reported the following on its balance sheet at December 31, 2018 Click the icon to view the partial balance sheet) Click the icon to view additional informaton) Requirements 1. Journalize Moretti Lake Resort's plant asset purchase and depreciation transactions for 2019 2. Report plant assets on the December 31, 2019 balance sheet. Requirement 1 Journalize Morotti Lake Resorts plant asset purchase and depreciation transactions for 2010. (Record cubits first, then credits Excludo explanations from any joumal entries) Begin by joumaling the plant asset purchase Date Debit Credit Journal Entry Accounts Depreciation Expense Buildings Accumulated Depreciation. Buidings Next journalize the depreciation on the buildings. Journal Entry Accounts Date Debit Credit Now journalize the depreciation on the equipment Journal Entry Date Accounts Debit Credit Requirement 2. Report plant assets on the December 31, 2019, balance sheet Balance Sheet Property, plant, and equipment: Less: Less Total property, plant, and equipment i Partial Balance Sheet dition s for 2 Property, plant, and equipment at cost: Land. $ 150,000 700,000 redit (348,000) Buildings Less Accumulated depreciation Equipment Less: Accumulated depreciation 403,000 (265,000) -X i Depreciation Information On July 1 2019, the resort expanded operations and purchased additional equipment for cash at a cost of $107,000. The company depreciates buildings using the straight-line method over 20 years with residual values of $89,000. Due to expected obsolescence, the equipment has a useful life of only 10 years and is being depreciated by the double-declining-balance method with a residual value of zero Print Done