Question 1 3.45/5 At December 31, 2017, Ayayai Corporation reported the following plant assets. Land 3,003,000 Buildings 26,510,000 Less: Accumulated depreciation-buildings 11.936,925 14,573075 Equipment Less: Accumulated depreciation-equipment Total plant assets 40,040,000 5,005,00035,035,000 $52611.075 During 2018, the following selected cash transactions occurred. Apr 1 Purchased land for $ 2,202,200. May 1 Sold equipment that cost $ 600,600 when purchased on January 1, 2011. The equipment was sold for $ 170,170. June 1 Sold land for $1,601,600. The land cost $1,001,000 July 1 Purchased equipment for $ 1,101,100. Dec. 31 Retired equipment that cost $ 700,700 when purchased on December 31, 2008. No salvage value was received. May 1 Depreciation Expense 20020 Accumulated Depreciation-Equipment (To record depreciation on equipment sold) Cash 170170 Accumulated Depreciation-Equipment 440440 Equipment 600600 Gain on Disposal of Plant Assets 1001 June 1 Cash 1601600 Land 1001000 Gain on Disposal of Land 600600 July 1Equipment 1101100 Cash 1101100 662750 Dec. 31 + Accumulated Depreciation-Buildings Accumulated Depreciation-Buildings 662750 To record depreciation on equipment retired) record depreciation on equipment re -Your answer is partially correct 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.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 3928925 Accumulated Depreciation-Equipment 3928925 (To record depreciation on buildings.) Dec. 31 Depreciation Expense 6627 662750 Accumulated Depreciation-Buildings (To record depreciation on equipment.) eTextbook and Media List of Accounts AYAYAI CORPORATION Partial Balance Sheet December 31, 2018 ant Assets Land 42042 Buildings 26510000 ss : | Accumulated Depreciation-Equipment 12599675 139103 Equipment 39839800 ISS : | Accumulated Depreciation-Plant Assets -2197195 376426 557571 tal Plant Assets eTextbook and Media List of Accounts