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.)

Enter the 2018 transactions in the tabular summary from part (a). Pronghorn 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.)

Prepare the plant assets section of Pronghorns balance sheet at December 31, 2018. (List Plant Assets in order of Land, Building and Equipment.)

At December 31, 2017, Pronghorn Corporation reported the following plant assets Land Buildings Less: Accumulated depreciation-buildings 13,904,550 12,725,450 Equipment Less: Accumulated deprecation-equipment 5,830,000 40,810,000 Total plant assets 3,498,000 S26,630,000 46,640,000 $57,033,450 During 2018, the following selected cash transactions occured Apr. 1 Purchased land for s2,565,200. May 1 Sold equipment that cost $699,600 when purchased on January 1, 2011 . The equipment was sold for $198,220. une 1 Sold land for 1,865,600. The land cost $1,166,000 July Prchased equipment for $1,282,600 Dec. 31 Retired equipment that cost $816,200 when purchased on December 31, 2008. No salvage value was received. Assets Liabilities+ Stockholders' Equity Retained Earnings Cash + Land + Buildings -Accum. Depr.-Bldgs. + Equipment -Accum. Depr.-Equip. + Common Stock + Revenue ExpenseDividend 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, Llabilities or Stockholders' Equity, place a negative sign (or parentheses) In front of the amount entered for the or Equity item that was reduced.) Assets Liabilities+ Stockholders' Equity Retained Earnings Cash Land Buildings -Accum. Depr.-Bldgs. + Equipment -Accum. Depr.-Equip, = + Common Stock + RevenueExpenseDividend Bal Apr. 1 May 1 May 1 June 1 July 1 Dec. 31 Dec. 31 Dec. 31 Dec. 31 PRONGHORN CORPORATION Partial Balance Sheet