finance- Navaro Corporation reported the following plant assets.

Problem 9-2A

At
December 31, 2014, Navaro Corporation reported the following plant
assets.

Land		$ 3,159,000
Buildings	$27,760,000
Less: Accumulated depreciation—buildings	12,557,025	15,202,975
Equipment	42,120,000
Less: Accumulated depreciation—equipment	5,265,000	36,855,000
Total plant assets		$55,216,975

During 2015, the following selected cash transactions occurred.

Apr.	1	Purchased land for $2,316,600.
May	1	Sold equipment that cost $631,800 when purchased on January 1, 2008. The equipment was sold for $179,010.
June	1	Sold land for $1,684,800. The land cost $1,053,000.
July	1	Purchased equipment for $1,158,300.
Dec.	31	Retired equipment that cost $737,100 when purchased on December 31, 2005. No salvage value was received.

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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.(Record
entries in the order displayed in the problem statement. Credit account
titles are automatically indented when amount is entered. Do not indent
manually.)

Date	Account Titles and Explanation	Debit	Credit




	(To record depreciation on equipment sold)











	(To record depreciation on equipment retired)

SHOW LIST OF ACCOUNTS
LINK TO TEXT

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Record adjusting entries for depreciation for 2015.(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 depreciation on buildings.)
31

SHOW LIST OF ACCOUNTS
LINK TO TEXT

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Prepare
the plant assets section of Navaro’s balance sheet at December 31, 2015.
(Hint: You may wish to set up T accounts, post beginning
balances, and then post 2015 transactions.)(List
Plant Assets in order of Land, Building and Equipment.)

NAVARO CORPORATION Partial Balance Sheet December 31, 2015

		$
	$
:

:
		$

SHOW LIST OF ACCOUNTS

finance- Navaro Corporation reported the following plant assets.

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