Rossi Lake Resort reported the following on its balance sheet at December 31, 2018:

 

Requirements 

1. Journalize Rossi Lake Resort's plant asset purchase and depreciation transactions for 2019. 

2. Report plant assets on the December 31, 2019, balance sheet. 

Transcribed Image Text:

Property, plant, and equipment, at cost Land. $ 144,000 Buildings ... 704,000 Less: Accumulated depreciation . (347,000) Equipment. 400,000 Less: Accumulated depreciation. (266,000) Property, plant, and equipment, at cost Land. $ 144,000 Buildings ... 704,000 Less: Accumulated depreciation . (347,000) Equipment. 400,000 Less: Accumulated depreciation. (266,000)

Answer rating: 100% (QA)

Requirement 1 Entry to record purchase of equipment General Journal Debit Credit Equipment 10... View the full answer