40 !! View Policies Current Attempt in Progress At December 31, 2019. Sarasota Enterprises reported the following as plant assets. Land 3,980,000 28.210,000 13,200,000 15.010.000 Buildings Less: Accumulated depreciation buildings Equipment Less: Accumulated depreciation equipment 48,670,000 4.980,000 43,690,000 Total plant assets 62.680,000 During 2020, the following selected cash transactions occurred. April 1 Purchased land for 2.200,000 - 7.40 !!! Total plant assets 62,680,000 During 2020, the following selected cash transactions occurred. April 1 Purchased land for 2,200,000 May 1 Sold equipment that cost 840,000 when purchased on January 1, 2016. The equipment was sold for 521.920. June 1 Sold land purchased on June 1, 2010 for 1,450,000. The land cost 399,000 July 1 Purchased equipment for 2,480,000 Dec 31 Retired equipment that cost 491.000 when purchased on December 31, 2010. No residual value was received. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no residual value. The equipment is estimated to have a 10-year useful life and no residual value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit (To record depreciation) (To record sale of equipment) Question 4 of 4 - / 40 (To record depreciation) (To record retirement of equipment) List of Accounts