Problem 9-2A (Part Level Submission) At December 31, 2017, Bramble Corporation reported the following plant assets. Land $4,278,000 Buildings $26,530,000 Less: Accumulated depreciation- buildings 17,005,050 9,524,950 Equipment 57,040,000 Less: Accumulated depreciation- equipment 7,130,000 49,910,000 $63,712,950 Total plant assets During 2018, the following selected cash transactions occurred. Purchased land for $3,137,200. Apr. 1 Sold equipment that cost $855,600 when purchased on January 1, 2011. The equipment was sold for $242,420. May 1 Sold land for $2,281,600. The land cost $1,426,000. June 1 July Purchased equipment for $1,568,600. 1 Retired equipment that cost $998,200 when purchased on December 31, 2008. No salvage value was received Dec. 31 Journalize the transactions. Bramble 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 retirement. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or Account Titles and Explanation Debit Credit Date April 1 Land 3137200 cash 3137200 Depreciation Expense May 1 28520 Accumulated Depreciation-Equipment 28520 (To record depreciation on equipment sold) Cash 242420 Accumulated Depreciation-Equipment 627440 Equipment 855600 Gain on Disposal of Plant Assets 14260 Cash June 1 2,281,600 Land 1,426,000 14260 Gain on Disposal of Plant Assets June 1 Cash 2,281,600 Land 1,426,000 Gain on Disposal of Land 855600 July 1 1,568,600 Equipment Cash 1,568,600 Depreciation Expense Dec. 31 99820 Accumulated Depreciation-Equipment 99820 (To record depreciation on equipment retired) Accumulated Depreciation-Equipment 998,200 Equipment 998,200 Record adjusting entries for depreciation for 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Credit Date Debit Depreciation Expense Dec. 31 28520 x Accumulated Depreciation-Buildings 28520 (To record depreciation on buildings.) Dec. 31 Depreciation Expense 28520 Accumulated Depreciation- Equipment 28520 (To record depreciation on equipment.) Prepare the plant assets section of December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) balance sheet Sarasota Company Balance Sheet (Partial) Show transcribed image text