requirment 1:

requierment 2:

At December 31, 2019. Sandhill Enterprises reported the following as plant assets. Land 4,470.000 Buildings 28,860.000 Less: Accumulated depreciation buildings 10,840,000 18,020,000 Equipment 47.050.000 Less: Accumulated depreciation-equipment 5.070.000 41.980,000 64.470,000 Total plant assets During 2020, the following selected cash transactions occurred. April 1 Purchased land for 2,060,000. May Sold equipment that cost 1.020,000 when purchased on January 1, 2016. The equipment was sold for 633,760. 1 June 1 Sold land purchased on June 1, 2010 for 1.590,000. The land cost 407,000. July 1 Purchased equipment for 2,380,000. Dec 31 Retired equipment that cost 482,000 when purchased on December 31, 2010. No residual value was received 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) Record adjusting entries for depreciation for 2020. (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 Sandhill's statement of financial position at December 31, 2020. (List Property, plant and equipment in order of land, buildings and equipment.) SANDHILL ENTERPRISES Partial Statement of Financial Position Parual statement of Financial POSILIONI =