Question 10 At December 31, 2016, Nash Ltd. reported the following as plant assets. E 2,752,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation- equipment Total plant assets 29,868,000 13,833,000 40,825.000 16,035,000 5,361,000 35,464,000 E54,251,000 During 2017, the following selected cash transactions occurred. Mar. 1 Purchased land for 2,283,000. April 1 Sold equipment that cost E424,000 when purchased on January 1, 2013. The equipment was sold for 250,160. June 1 Sold land purchased on June 1, 2007, for 1,778,000. The land cost 294,000. Oct. 1 Purchased equipment for 2,340,000. Dec. 31 Retired equipment that cost 381,000 when purchased on December 31, 2007. No residual value was received. Journalize the above transactions. Nash uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year useful life and no residual value. The equipment is estimated to have a 10- year useful life and no residual value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Record adjusting entries for depreciation for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31 (To record building depreciation) Dec. 31 (To record equipment deprecition) Prepare the plant assets section of Nash's statement of financial position at December 31, 2017. (List Property, plant and equipment in order of land, buildings and equipment.) NASH COMPANY Partial Statement of Financial Position