'rint by: Erica Burkett IC2011AC201 DLS2A2020 Principles Financial Accounting / AC201 - Chapter 9 Assignment Problem 9-2A (Part Level Submission) At December 31, 2017, Martinez Corporation reported the following plant assets. Land $ 3,783,000 Buildings $26,590,000 Less: Accumulated depreciation- 15,037,425 11,552,575 buildings Equipment 50,440,000 Less: Accumulated depreciation- 6,305,000 44,135,000 equipment Total plant assets $59,470,575 During 2018, the following selected cash transactions occurred. Apr. May 1 1 Dune 1 Ouly 1 Dec. 31 Purchased land for $2,774,200. Sold equipment that cost $756,600 when purchased on January 1, 2011. The equipment was sold for $214,370. Sold land for $2,017,600. The land cost $1,261,000. Purchased equipment for $1,387,100. Retired equipment that cost $882,700 when purchased on December 31, 2008. No salvage value was received. *(a) Journalize the transactions. Martinez uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated o have a 10-year useful life and no a ge value. Update depreciation on assets disposed of at the dime of sale or retirement. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Debit Credit 2,714,200 Account Titles and Explanation Apol u LAND 2,774,200 CASH May lv Depreciation Expense Accumulated Depreciation Equipaat (To record depreciation on equipment soid) Accumulated Depreciation - Egepron 479, 180 25, 220 25,320 214,370 CAsh Gain on Disposal of Plant Equippet cash Assols 756, 600 June ! 2,017, 600 Lind 1,261,05 63050 July Gain on Disposal of Plant Assetts Equpment CAsh 1,387,100 Dec 3t Depreciation Expenca 28.27 A/ol Equipment (To record depreciation on equipment retired) Accumulated Repreciation Equent 87 270 77,27 2099 , 700 x 43,700 = 18,270 Attempts: 0 of 3 used *(b) The parts of this question must be completed in order. This part will be available when you complete the part above. "(c) The parts of this question must be completed in order. This part will be available when you complete the part above. Stept) 756,600 X % x 42=25, and 2. I byens 756, 600 x 1/10) + 6 + 25,220 = 479, 180 756,600 479,180 214,370 63,050