tional information.) s for 2019. transa urnal en - X Partial balance sheet redit Property, plant, and equipment, at cost: Land. Buildings Less: Accumulated depreciation .... Equipment.... Less: Accumulated depreciation $ 150,000 700,000 (345,000) 402,000 (265,000) Depreciation information On July 1 2019, the resort expanded operations and purchased additional equipment for cash at a cost of $103,000. The company depreciates buildings using the straight-line method over 20 years with residual values of $87,000. 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 Romano Lake Resort reported the following on its balance sheet at December 31, 2018: Requirement 1. Joumalize Romano Lake Resort's plant asset purchase and depreciation transactions for 2019. (Record debit 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 Date Accounts Debit Credit Now journalize the depreciation on the equipment. Journal Entry Date Accounts Debit Credit Requirement 2. Report plant assets on the December 31, 2019, balance sheet. Balance Sheet Property, plant, and equipment: Less: III LOSS Total property, plant, and equipment