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please help asap At December 31, 2022, Sarasota Corporation reported the following plant assets. During 2023, the following selected cash transactions occurred. Apr. 1 Purchased
please help asap
At December 31, 2022, Sarasota Corporation reported the following plant assets. During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for \$4,325.200. May 1 Sold equipment that cost $1,179,600 when purchased on January 1,2016 . The equipment was sold for $334,220. June 1 Sold land for $3,145,600. The land cost $1,966,000. July 1 Purchasedequipment for $2,162,600. Dec. 31 Retired equipment that cost $1,376,200 when purchased on December 31,2013 . No salvage value was received. Journalize the transactions. Sararota uses straight-line depreciation for buildings and equipment. The bulidings 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 occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, seloct "No Entry" for the account tities and enter O for the amounts.) Question 12 of 12 (Tarecord depreciation on equipment sold) (To record depreciation on equipment retired) (To record depreciation on equipment retired) Step by Step Solution
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