Russo Lake Resort reported the following on its balance sheet at December 31, 2018 Click the icon to view the partial balance sheet) (Click the icon to view additional information) Requirements 1. Journalicze Russo Lake Resort's plant asset purchase and depreciation transactions for 2019 2 Report plant assets on the December 31, 2019, balance sheet Requirement 1. Joumalize Russo Lake Resort's plant asset purchase and depreciation transactions for 2019. (Record debits first, then credits Exclude explanations from anyjournal entries.) Begin by journalizing the plant asset purchase Journal Entry Accounts Date Debit Credit Next, journalize the depreciation on the buildings, Journal Entry Date Accounts Debit Credit Now journalize the depreciation on the equipment Journal Entry Accounts Debit Credit Requirement 2. Report plant assets on the December 31, 2019, balance sheet Balance Sheet Property, plant and equipment Less Less Total property, plant and equipment Partial Balance Sheet Property, plant, and equipment, at cost: Land .......... $ 148,000 Buildings. 715,000 Less: Accumulated depreciation... (341,000) Equipment .. 405,000 Less: Accumulated depreciation... (261,000) i Depreciation Information On July 1 2019, the resort expanded operations and purchased additional equipment for cash at a cost of $108,000. The company depreciates buildings using the straight-line method over 20 years with residual values of $80,000. 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. Print Done