Requirement $1.$ Journalize Bruno Lake Resort's plant asset purchase and depreciation transactions for $2022.($Record debits first, then credits. Exclude explanations from any journal entries.$)$ Bruno Lake Resort reported the following on its balance sheet at December $31,2021$:

$($Click the icon to view the partial balance sheet.$)$

$(($Click the icon to view additional information.$)$

Requirements

Journalize Bruno Lake Resort's plant asset purchase and depreciation transactions for $2022.$

Report plant assets on the December $31,2022,$ balance sheet.

Depreciation Information

st$,$ then credits. Exclude explanations from any journal entries.$)$

On July $12022,$ the resort expanded operations and purchased additional

equipment for cash at a cost of $$106,000.$ The company depreciates buildings

using the straight$-$line method over $20$ years with residual values of $$83,000.$ 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 Bruno Lake Resort's plant asset purchase and depreciation transactions for $2022.($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Begin by journalizing the plant asset purchase.

Journal Entry

Begin by journalizing the plant asset purchase.

Journal EntryBruno Lake Resort reported the following on its balance sheet at December $31,2021$:

$($Click the icon to view the partial balance sheet.$)$

$(($Click the icon to view additional information.$)$

Requirements

Journalize Bruno Lake Resort's plant asset purchase and depreciation transactions for $2022.$

Report plant assets on the December $31,2022,$ balance sheet.

Depreciation Information

st$,$ then credits. Exclude explanations from any journal entries.$)$

On July $12022,$ the resort expanded operations and purchased additional

equipment for cash at a cost of $$106,000.$ The company depreciates buildings

using the straight$-$line method over $20$ years with residual values of $$83,000.$ 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.Bruno Lake Resort reported the following on its balance sheet at December $31,2021$:

$($Click the icon to view the partial balance sheet.$)$

$(($Click the icon to view additional information.$)$

Requirements

Journalize Bruno Lake Resort's plant asset purchase and depreciation transactions for $2022.$

Report plant assets on the December $31,2022,$ balance sheet.