Question 1 At December 31,2017. Riverbed Corporation reported the following plant assets Land Buildings Less: Accumulated depreclation-buildings 22.311675 4,328325 Equipment $ 5,613,000 $ 26,640,000 74,840,000 Less: Accumulated depreciation-equipment 9355,000 65,485.00 Total plant assets 75,426.325 During 2018, the following selected cash transactions occurred Apr. 1 Purchased land for $ 4,116.200 May 1 Sold equipment that cost $ 1,122.600 when purchased on January 1, 2011. The equipment was sold for $ 318,070 June 1 Sold land for $2.993,600. The land cost $1,871.000. July 1 Purchased equipment for $ 2058,100. Dec. 31 Retired equipment that cost $ 1,309,700 when purchased on December 31,2008. No salvage value was received Your answer is correct Journalize the transactions Riverbed uses straight-line depreciation for buildings and equipment The budimp are estimated to naveayer useful 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. (Record entries in the order displayed in the problem stotement Credit account tithes av automatically inderted when "mount is entered. Do not indent m anually. If no entry s required, aelectNo Entry" for the acount tin- and enter 0 for the amountsJ Your answer is correct. Journalize the transactions. Riverbed uses straight-line depreciation for buildings and equipment. The buildings are estimated to useful life and no salvage value; the equipment is estimated to have a 10 year useful life and no salvage value. Update depreciatie disposed of at the time of sale or retirement. (Record entries in the order displayed in the problem statement. Credit accoun automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Land 4,116,200 Cash 4,116.200 Depreciation Expense 37,420 Accumulated Depreclation-Equipment To record depreciation on equipment sold) Cash 318 070 Accumulated Deprediation Equipment 823,240 Equipment Gin on Disposal of Pant Asssts 993400 Your answer is correct. Record adjusting entries fok depreciation for 2018. (Credit account titles are automatically indented when omount is en manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Date Account Titles and Explanation Dec. 31 Depreciation Expense Debit Credit 666,000 Accumulated Depreciation-Buildings 566000 (To record depreciation on buildings.) Dec. 31 Depreciation Expense 7,343,675 Accumulated Depreciation-Equipment (To record depreciation on equipment.) 7.3436 eTextbook and Media List of Accounts Your answer is partially correct Prepare the plant assets section of Riverbed's balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post be balances, and then post 2018 transactions ) (List Plant Assets in order of Land, Building and Equipment.) RIVERBED CORPORATION Partial Balance Sheet - Your answer is partibly correct Prepare the plant assets section of Riverbed's balance sheet at December 31,2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) (List Plant Assets in order of Land, Building and Equipment) RIVERBED CORPORATION Partial Balance Sheet 7,858,200 Lind Buld.ngs 26,640000 Accumulated Depreciation-Bridings 22.977,67 Equoment 4465.800 14,603,155 59.862.645 Accumulated Deprec 71,383,170 eTextbook and Media eTextbook 1 eTextbook 2 eTextbook 3 Media