CALCULATOR PRINTER VERSION 4 BACK NEXT Problem 10-05A a-c (Video) At December 31, 2020, Martinez Company reported the following as plant assets. Land $3,860,000 Buildings $28,520,000 Less: Accumulated depreciation-buildings 12,200,000 16,320,000 Equipment 48,380,000 Less: Accumulated depreciation-equipment 5,220,000 43,160,000 Total plant assets $63,340,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,080,000. May 1 Sold equipment that cost $1,170,000 when purchased on January 1, 2017. The equipment was sold for $702,000. June 1 Sold land purchased on June 1, 2011 for $1,430,000. The land cost $409,000. July 1 Purchased equipment for $2,580,000. Dec. 31 Retired equipment that cost $515,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Your answer is correct. 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 salvage value. The equipment is estimated to have a 10-year useful life and no salvage 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. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Debit Credit Account Titles and Explanation 2 Land Apr. 1 2080000 Cash 2080000 PRINTER VERSION NE CALCULATOR 4 4 BACK Your answer is partially correct. Try again. Prepare the plant assets section of Martinez's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) Martinez Company Balance Sheet (Partial) December 31, 2021 Property Plant and Equipment Land 5531000 Buildings 28520000 Less 12770400 15749600 Accumulated Depreciation-Buildings Equipment 49275000 Less 6151500 40242500 Accumulated Depreciation Equipment 61523100 Total Property Plant and Equipment : Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR