Problem 7-2 (Part Level Submission) At December 31, 2017, Bridgeport Corporation reported the following plant assets. Land $ 5,673,0001 Buildings $26,540,000 Less: Accumulated depreciation-buildings 22,550,175 3,989,825 Equipment 75,640,000 Less: Accumulated depreciation-equipment 9,455,000 66,185,000 Total plant assets $75,847,825 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $4,160,200. 1 Sold equipment that cost $1,134,600 when purchased on January 1, 2011. The equipment was sold for $321,470. June 1 Sold land for $3,025,600. The land cost $1,891,000. July Purchased equipment for $2,080,100. Dec. 31 Retired equipment that cost $1,323,700 when purchased on December 31, 2008. No salvage value was received. May 1 your answer is partially correct. Try again Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2017, balance sheet. (If a transaction courses a decrease in Assets, tables ar stockholders' front of the amount entered for the particular Asset Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Eq Retaine Cash + Land Buildings Accum. Depr. Bldgs. + Equipment Accum. Depr.- Equip. = + Common Stock + Revenue Bal 945500 5673000 26540000 22550175 75540000 9455000 E the 2018 transactions in the last summary from partido por se straight-line depreciation for buildings and open the digs are estimated to have a 40-year cle and no salvage authen. ufe and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement (If a transaction courses a decrease in Assets, abilities or Stockholders' Equity, place a negative si ed for the particular Asset, Liability or quity item that was reduced.) Liabilities Stockholders' Equity Retained Earnings Castle Land Buildings Accum. Depr.- Bildgs. + Equipment Accum. Depr. - Equip. + Common Stock + Revenue Divides 5673000 26540000 -22550175 75640000 -945500 + 4,160,200 4.160,200 321,470 -1,134,600 3,025,500 -1.391.000 1174500 1 -2080100 2000100 - 13230 1,323,200 1,323,700 cord adjustments to accounts for depreciation for 2016. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount uity item that was reduced.) Assets Liabilities Stockholders' Equity Retained Earnings Canti Land Buildings Accum. Depr. Bldgs. + Equipment Accum. Depr.- Equip. + Common Stock + Revenue Expense . DE Bal Apr.1 May 1 une Puly 1 31 Cash Land Buildings Accum. Depr.- Bldg. + Equipment Accum. Depr.- Equip. Common Stock Reven Diy Expense Hall or May 1 May 1 buri 31 c. 31 c. 31 ick if you would like to Show Work for this question: On Show Work Accum. Dep. Bldgs. + Equipment Accum. Depr. - Equip. + Common Stock + Revenue Expense Dividend $ estionOn Show Work