Bruno Lake Resort reported the following on its balance sheet at December 31, 2012:

Property, plant, and equipment, at cost:

Land .................................................. $ 147,000

Buildings .............................................. 701,000

Less: Accumulated depreciation ..... (348,000)

Equipment ........................................... 409,000

Less: Accumulated depreciation ..... (263,000)

In early July 2013, the resort expanded operations and purchased additional equipment at a cost of $108,000. The company depreciates buildings by the straight-line method over 20 years with residual value of $87,000. Due to obsolescence, the equipment has a useful life of only 10 years and is being depreciated by the double-declining-balance method with zero residual value.

Requirements

1. Journalize Bruno Lake Resort’s plant asset purchase and depreciation transactions for 2013.

2. Report plant assets on the December 31, 2013, balance sheet.