Problem 9-2A At December 31, 2014, Navaro Corporation reported the following plant assets. Land $ 4,836,000 Buildings $36,230,000 Less: Accumulated depreciation—buildings 19,223,100 17,006,900 Equipment 64,480,000 Less: Accumulated depreciation—equipment 8,060,000 56,420,000 Total plant assets $78,262,900 During 2015, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,546,400. May 1 Sold equipment that cost $967,200 when purchased on January 1, 2008. The equipment was sold for $274,040. June 1 Sold land for $2,579,200. The land cost $1,612,000. July 1 Purchased equipment for $1,773,200. Dec. 31 Retired equipment that cost $1,128,400 when purchased on December 31, 2005. No salvage value was received. Journalize the transactions. Navaro 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 to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
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