Reference no: EM13915438
At December 31, 2014, Navaro Corporation reported the following plant assets.
Land $3,321,000
Buildings $31,030,000
Less: Accumulated depreciation—buildings 13,200,975 17,829,025
Equipment 44,280,000
Less: Accumulated depreciation—equipment 5,535,000 38,745,000
Total plant assets $59,895,025
During 2015, the following selected cash transactions occurred.
Apr. 1 purchased land for $2,435,400.
May 1 Sold equipment that cost $664,200 when purchased on January 1, 2008. The equipment was sold for $188,190.
June 1 Sold land for $1,771,200. The land cost $1,107,000.
July 1 Purchased equipment for $1,217,700.
Dec. 31 Retired equipment that cost $774,900 when purchased on December 31, 2005. No salvage value was received.
1) Record adjusting entries for depreciation for 2015.
2) Prepare the plant assets section of Navaro’s balance sheet at December 31, 2015.
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