Requirement 1. Journalize Conti Lake Resort's plant asset purchase and depreciation transactions for 2022. (Record debits first, then credits. Exclude explanations from any journal entries. When applicable, use only the account names provided in the problem statement. Check your spelling carefully and do not abbreviate. Do not use hyphens or dashes in any account name.) Begin by journalizing the plant asset purchase. - X Journal Entry Depreciation information Date Accounts Debit Credit On July 1 2022, the resort expanded operations and purchased additional equipment for cash at a cost of $101,000. The company depreciates buildings using the straight-line method over 20 years with residual values of $86,000. 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. Next, journalize the depreciation on the buildings. Journal Entry Partial balance sheet Date Accounts Debit Credit Property, plant, and equipment, at cost: Land $ 140,000 707,000 Buildings Less: Accumulated depreciation Equipment Now journalize the depreciation on the equipment. (340,000) 401,000 Less: Accumulated depreciation (267,000) Now journalize the depreciation on the equipment. Journal Entry Date Accounts Debit Credit - Depreciation information On July 1 2022, the resort expanded operations and purchased additional equipment for cash at a cost of $101,000. The company depreciates buildings using the straight-line method over 20 years with residual values of $86,000. 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. hyphens or dashes in any account Requirement 2. Report plant assets on the December 31, 2022, balance sheet. (Use only the account n name.) Balance Sheet Property, plant, and equipment: Partial balance sheet Property, plant, and equipment, at cost: Less: III Land $ 140,000 Less: Buildings Less: Accumulated depreciation Equipment 707,000 (340,000) 401,000 Total property, plant, and equipment