Please help p9-2b

10. Proceeds for salvage UI Instructions Analyze the transactions using the table column headings provided here ber of each transaction in the Item column, and enter the amounts in the columns. For amounts in the Other Accounts column, also indicate the Land Item Buildings Other Accounts ere. Enter the num is in the appropriate ate the account thes P9-2B At December 31, 2011, Craig Corporation reported these plant assets. Land $4,000,000 Buildings $28,800,000 Less: Accumulated depreciation-buildings 11,520,000 17,280,000 Equipment 48,000,000 Less: Accumulated depreciation equipment 5,000,000 43,000,000 Total plant assets $64,280,000 During 2012, the following selected cash transactions occurred. Apr. Purchased land for $2,600,000. May 1 Sold equipment that cost $750,000 when purchased on January 1, 2007 The equipment was sold for $367,000. June 1 Sold land purchased on June 1, 2000, for $1,800,000. The land cost $800,000. Sept. 1 Purchased equipment for $840,000. Dec. 31 Retired fully depreciated equipment that cost $470,000 when purchase on December 31, 2002. No salvage value was received. Probler Instructions () Journalize the transactions. (Hint: You may wish to set up T accounts, post been ning balances, and then post 2012 transactions.) Craig uses straight line deprecia tion for buildings and equipment. The buildings are estimated to have a 40-year lite 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 adjusting entries for depreciation for 2012. (Note: The only assets that are fully depreciated are those that were retired on December 31. plant assets section of Craig's balance sheet at December 31, 2012 Y-3B Jan Here are selected transactions for Halverson Corporation for 2012 1 Retired a piece of machinery that was purchased on January 1, 2002. 1000 odhodouceful life of 10 years with no sal