P9-24, Journalize equipment transactions related to purchase, sale, retirement, and depreciation. At December 31, 2017, Navaro Corporation reported the following plant assets. Land $3,000,000 Buildings $26,500,000 Less: Accumulated depreciation buildings 11,925,000 $14,575,000 Equipment 40,000,000 Less: Accumulated depreciation equipment 5,000,000 $35,000,000 Total plant assets $52,575,000 During 2018, the following selected cash transactions occurred. Apr 1 Purchased land for $2,200,000 May 1 Sold equipment that cost I $600,000 when purchased on January 1, 2011. The equipment was sold for $170,000 Jun 1 Sold land for $1,600,000 The land cost $1.000.000 Jul 1 Purchased equipment for $1,100,000 Dec 31 Retired equipment that cost $700,000 when purchased on December 31, 2008. No salvage value was received. Instructions: (a) Journalize the transactions. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) Rijo 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. Apr 1 Amount Account title Account title Amount May 1 Amount Account title | Account title Amount May 1 Account title Amount Account title Amount Account title Account title Show how you computedthe Gain or Loss on th above transaction Amount Amount She Jun 1 Amount Account title Account title Account title Amount Amount Jul 1 Amount Account title Account title Amount Dec 31 Amount Account title Account title Amount Dec 31 Account title Amount Account title Compute the book value of the retired asset above Amount Amount (b) Record adjusting entries for depreciation for 2018. Dec 31 Account title Account title Show how you computed the depreciation on buildings here Amount Dec 31 Account title Amount Account title Show your calculation of the depreciation on the equipment Amount (c) Prepare the plant assets section of Rivera's balance sheet at December 31, 2018. NAVARO CORPORATION Partial Balance Sheet December 31, 2018 Plant Assets Account title Account title Account title Account title Account title Total plant assets Amount Formula Amount Amount Amount Amount Formula Formula Land Buildings Equipment Accumulated Depreciation-Buildings Accumulated Depreciation Equipment P9-24, Journalize equipment transactions related to purchase, sale, retirement, and depreciation. At December 31, 2017, Navaro Corporation reported the following plant assets. Land $3,000,000 Buildings $26,500,000 Less: Accumulated depreciation buildings 11,925,000 $14,575,000 Equipment 40,000,000 Less: Accumulated depreciation equipment 5,000,000 $35,000,000 Total plant assets $52,575,000 During 2018, the following selected cash transactions occurred. Apr 1 Purchased land for $2,200,000 May 1 Sold equipment that cost I $600,000 when purchased on January 1, 2011. The equipment was sold for $170,000 Jun 1 Sold land for $1,600,000 The land cost $1.000.000 Jul 1 Purchased equipment for $1,100,000 Dec 31 Retired equipment that cost $700,000 when purchased on December 31, 2008. No salvage value was received. Instructions: (a) Journalize the transactions. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) Rijo 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. Apr 1 Amount Account title Account title Amount May 1 Amount Account title | Account title Amount May 1 Account title Amount Account title Amount Account title Account title Show how you computedthe Gain or Loss on th above transaction Amount Amount She Jun 1 Amount Account title Account title Account title Amount Amount Jul 1 Amount Account title Account title Amount Dec 31 Amount Account title Account title Amount Dec 31 Account title Amount Account title Compute the book value of the retired asset above Amount Amount (b) Record adjusting entries for depreciation for 2018. Dec 31 Account title Account title Show how you computed the depreciation on buildings here Amount Dec 31 Account title Amount Account title Show your calculation of the depreciation on the equipment Amount (c) Prepare the plant assets section of Rivera's balance sheet at December 31, 2018. NAVARO CORPORATION Partial Balance Sheet December 31, 2018 Plant Assets Account title Account title Account title Account title Account title Total plant assets Amount Formula Amount Amount Amount Amount Formula Formula Land Buildings Equipment Accumulated Depreciation-Buildings Accumulated Depreciation Equipment