P7-68A (book/static) Question He Forest Lake Resort reported the following on its balance sheet at December 31, 2018 (Click the icon to view the partial balance sheet) Cick the icon to view additional information) Requirements 1. Journaline Forest 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 Forest Lake Resort's plant asset purchase and depreciation transactions for 2018. (Record debits first, then credits. Exclude explanations from any journal entries) Begin by joumalizing the plant asset purchase. 0 Partial Balance Sheet Property, plant, and equipment, at cost: Land. ...... $ Buildings ..... Less: Accumulated depreciation. 149,000 706,000 (342,000) 406,000 (269,000) Equipment.... Less: Accumulated depreciation. O Print Done Journal Entry Date Accounts Debit Credit Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Buildings Cash Depreciation Expense - Buildings Depreciation Expense - Equipment Equipment Choose from any list or enter any number in the input fields and then click Check Answer. i Depreciation Information On July 1 2019, the resort expanded operations and purchased additional equipment for cash at a cost of $109,000. The company depreciates buildings using the straight-line method over 20 years with residual values of $81,000. 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