P7-63A. (Learning Objective 4: Recording PPE transactions; reporting on the Balance Sheet) Oriental Lakes Resort reported the following on its Balance Sheet at December 31, 20X6: Property, plant, and equipment, at cost: Land.. Buildings. Less: Accumulated depreciation Equipment....... $ 292,000 1,418,000 (684,000) Less: Accumulated depreciation 810,000 (530,000) In early July 20X7, the resort expanded operations and purchased additional equipment at a cost of $216,000. The company depreciates buildings by the straight-line method over 20 years with residual value of $168,000. Due to obsolescence, the equipment has a useful life of only 10 years and is being depreciated by the double-declining-balance method with zero residual value. Requirements 1. Journalize Oriental Lakes Resort's PPE purchase and depreciation transactions for 20X7. 2. Report PPEs on the December 31, 20X7, Balance Sheet.