Question 3 At December 31, 2016, Windsor SA reported the following as plant assets. 3,105,000 18,299,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation- equipment Total plant assets 28,311,000 10,012,000 40,455,000 5,074,000 35,381,000 56,785,000 During 2017, the following selected cash transactions occurred. April 1 Purchased land for 2,374,000. May 1 Sold equipment that cost 633,000 when purchased on January 1, 2013. The equipment was sold for 392,460. June 1 Sold land purchased on June 1, 2007 for 1,777,000. The land cost 303,000. July 1 Purchased equipment for 2,080,000. Dec. Retired equipment that cost 511,000 when purchased on December 31, 2007. No residual value was received. 31 Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year 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.) Date Account Titles and Explanation Debit Credit (To record depreciation) May 1 (To record sale of equipment) May 1 (To record sale of equipment) (To record depreciation) (To record retirement of equipment) Record adjusting entries for depreciation for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record building depreciation) Dec. 31 (To record equipment deprecition) Prepare the plant assets section of Windsor's statement of financial position at December 31, 2017. (List Property, plant and equipment in order of land, buildings and equipment.) WINDSOR SA Partial Statement of Financial Position