Problem 10-05A a-c (Video) At December 31, 2020, Marigold Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings 12,910,000 15,270,000 Equipment Less: Accumulated depreciation-equipment 5,440,000 41,770,000 $4,260,000 $28,180,000 47,210,000 Total plant assets $61,300,000 During 2021, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Purchased land for $2,140,000. Sold equipment that cost $630,000 when purchased on January 1, 2017. The equipment was sold for $378,000 Sold land purchased on June 1, 2011 for $1,490,000. The land cost $409,000. Purchased equipment for $2,480,000. Dec. 31 Retired equipment that cost $501,000 when purchased on December 31, 2011. The company received no proceeds related to salvage Your answer is partially correct. Try again. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required,slect "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 1 Land 2140000 Cash 2140000 May 1 Depreciation Expense 21000 Accumulated Depreciation-Equipment 21000 (To record depreciation) May 1 Cash 378000 Accumulated Depreciation-Equipment Equipment Gain on Disposal of Plant Assets (To record sale of equipment) Cash 630000 June 1 Land Gain on Disposal of Plant Assets uly 1Equipment Cash Dec. 31Depreciation Expense Accumulated Depreciation-Equipment (To record deprecation) Dec. 31Accumulated Depreciation-Equipment Equipment (To record retirement of equipment) LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again Record adjusting entries for depreciation for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Dec. 31Depreciation Expense Accumulated Depreciation-Buildings (To record buiding depreciation) Dec. 31Depreciation Expense Accumulated Depreciation-Equipment (To record equipment deprecition) LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare the plant assets section of Marigold's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) Prepare the plant assets section of Marigold's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) Marigold Company Balance Sheet (Partial) December 31, 2021 Rx $i $i $i