Property, plant, and equipment, at cost:

Land. . . . . . . . . . . . . . . . . . . . . . . . . . . .

$140,000

Buildings. . . . . . . . . . . . . . . . . . . . . . . .

700,000

Less: Accumulated depreciation. . . . . .

(344,000)

Equipment. . . . . . . . . . . . . . . . . . . . . . .

402,000

Less: Accumulated depreciation. . . . . .

(266,000)

On July 1

20192019,

the resort expanded operations and purchased additional equipment for cash at a cost of$108,000.The company depreciates buildings using the straight-line method over 20 years with residual values of$82,000.Due to expected obsolescence, the equipment has a useful life of only 10 years and is being depreciated by the double-declining-balance method with a residual value of zero.

Requirement 1. Journalize

ContiLake Resort's plant asset purchase and depreciation transactions for2019.

(Record debits first, then credits. Exclude explanations from any journal entries.)

Begin by journalizing the plant asset purchase.

Next, journalize the depreciation on the buildings.

Now journalize the depreciation on the equipment.