Problem 7-2 (Part Level Submission)

At December 31, 2017, Blue Corporation reported the following plant assets.

Land				$ 5,853,000
Buildings		$26,740,000
Less: Accumulated depreciationbuildings		23,265,675		3,474,325
Equipment		78,040,000
Less: Accumulated depreciationequipment		9,755,000		68,285,000
Total plant assets				$77,612,325

During 2018, the following selected cash transactions occurred.

Apr.	1		Purchased land for $4,292,200.
May	1		Sold equipment that cost $1,170,600 when purchased on January 1, 2011. The equipment was sold for $331,670.
June	1		Sold land for $3,121,600. The land cost $1,951,000.
July	1		Purchased equipment for $2,146,100.
Dec.	31		Retired equipment that cost $1,365,700 when purchased on December 31, 2008. No salvage value was received.

Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2017, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Enter the 2018 transactions in the tabular summary from part (a). Blue uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful 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. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Record adjustments to accounts for depreciation for 2018. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

I had to re-submit this question because the previous answer given by chegg did not have the proper break down or proper dates. Everywhere there is Red I have to put something in there.

So I need 2 for May 1st on every Red

Plus I need 4 separate lines on December 1st and I need what to put on the drop downs at the end of the lines and there is drop downs on both May 1st lines, The June 1st line and the bottom 2 December 1st lines.

So please give me a detailed description for each line. Thank you

Assets = Liabilities Stockholders' Equity Retained Earnings Revenue - Expense - Cash + Land Buildings - Accum. Depr.- Bldgs. + Equipment Common Stock + Dividend Bal. 5,853,000 126,740,000 1-23,265,675 Accum. Depr.- Equip. - J-9,755,000 78,040,000 ! Assets Liabilities Stockholders' Equity Retained Earnings Revenue - Expense - Cash + + Common Stock + Dividend Land 5,853,000 Buildings 26,740,000 - Accum. Depr. - Bldgs. + T-23,265,675 Equipment 78,040,000 - Accum. Depr. - Equip. = 7 -9,755,000 Bal. 4,292,20 May 1 -39,020 TDepreciation expense May 1 4,170,600 858,440 Gain on disposal -1.951,000 TGain on disposal 2,146,100 T -1 Depreciation expense Dec. 31 T -1.365.700 T 1,365,700 T Assets Liabilities Stockholders' Equity Retained Earnings Revenue - Expense + Buildings - Accum. Depr. - Bldgs. + Equipment - Accum. Depr.- Equip. Common Stock + Dividend XK inn U NUUNULUM Tdcidade C00NDMONTO T 668,500 Depreciation expense -7.550