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Question 3 At December 31, 2017, Flounder Corporation reported the following plant assets. $ 5,883,000 3,175,075 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets $26,560,000 23,384,925 78,440,000 9,805,000 68,635,000 $77,693,075 During 2018, the following selected cash transactions occurred. Apr. 1 May 1 June 1 July 1 Dec. 31 Purchased land for $4,314,200. Sold equipment that cost $1,176,600 when purchased on January 1, 2011. The equipment was sold for $333,370. Sold land for $3,137,600. The land cost $1,961,000. Purchased equipment for $2,157,100. Retired equipment that cost $1,372,700 when purchased on December 31, 2008. No salvage value was received. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2017, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Retained Earnings Revenue Expense Cash + Land Buildings - Accum. Depr. - Bldgs. + Equipment Accum. Depr. - Equip. = + Common Stock + Dividend Bal. 5,883,000 $ $ Enter the 2018 transactions in the tabular summary from part (a). Flounder 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. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Retained Earnings Revenue Expense Cash + Land Buildings - Accum. Depr. - Bldgs. + Equipment Accum. Depr. - Equip. = + Common Stock + Dividend Bal. $ $ $ $ $ $ $ $ Apr. 1 May 1 May 1 June 1 July 1 Dec. 31 > Dec. 31 Record adjustments to accounts for depreciation for 2018. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Retained Earnings Revenue Expense Cash + Land + Buildings - Accum. Depr. - Bldgs. + Equipment Accum. Depr.- Equip. = + Common Stock + Dividend Bal. $ $ $ $ $ $ Apr. 1 May 1 May 1 June 1 July 1 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Prepare the plant assets section of Flounder's balance sheet at December 31, 2018. (List Plant Assets in order of Land, Building and Equipment.) FLOUNDER CORPORATION Partial Balance Sheet $ Show Work is REQUIRED for this question: Open Show Work Question Attempts: 0 of 1 used