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

Property, plant, and equipment, at cost:
Land................................................................ $142,000
Buildings ......................................................... 705,000
Less: Accumulated depreciation ................ (342,000)
Equipment....................................................... 403,000
Less: Accumulated depreciation ............... (269,000)

On July 1, 2019, the resort expanded operations and purchased additional equipment for cash at a cost of $109,000. The company depreciates buildings using the straight-line method over 20 years with residual values of $86,000. Due to expected obsolescence, the equipment has a useful life of only 10 years and is being depreciated using the double-declining-balance method with a residual value of zero.

Requirements

1. Journalize Greco Lake Resort’s plant asset purchase and depreciation transactions for 2019.

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