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

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

Subject:AccountingPrice:3.85 Bought3

At December 31, 2014, Navaro Corporation reported the following plant assets.
Land $ 3,525,000
Buildings $34,160,000
Less: Accumulated depreciation—buildings 14,011,875 20,148,125
Equipment 47,000,000
Less: Accumulated depreciation—equipment 5,875,000 41,125,000
Total plant assets $64,798,125

During 2015, the following selected cash transactions occurred.
Apr. 1 Purchased land for $2,585,000.
May 1 Sold equipment that cost $705,000 when purchased on January 1, 2008. The equipment was sold for $199,750.
June 1 Sold land for $1,880,000. The land cost $1,175,000.
July 1 Purchased equipment for $1,292,500.
Dec. 31 Retired equipment that cost $822,500 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. (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
April 1May 1June 1July 1Dec. 31      
     
April 1May 1June 1July 1Dec. 31      
     
(To record depreciation on equipment sold)
     
     
     
     
April 1May 1June 1July 1Dec. 31      
     
     
April 1May 1June 1July 1Dec. 31      
     
April 1May 1June 1July 1Dec. 31      
     
(To record depreciation on equipment retired)
     
     
SHOW LIST OF ACCOUNTS
LINK TO TEXT  
 
 

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      
 

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