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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.)

The parts in red are wrong and I need help in them please. I also need help on the drop down answers at the end.

The drop down has choices of :Depreciation Expense, Gain on Disposal, Loss on Disposal, Research and Development Expense, Amortization Expense.

Problem 7-2 (Part Level Submission) At December 31, 2017, Blue Corporation reported the following plant assets. $ 5,853,000 3,474,325 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,740,000 23,265,675 78,040,000 9,755,000 68,285,000 $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. (a) Your answer is correct. 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 p in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities + Stockholders' Equity Retained Earnings Revenue le - - Expense Cash + Land + - Accum. Depr. - Bldgs. + - Accum. Depr.- Equip. = + Common Stock + Dividend Buildings 26,740,000 Equipment 78,040,000 Bal. s 5,853,000 -23,265,675 4,755,00 -9,755,000 O D Assets Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense - Cash + Land + Buildings - Accum. Depr. - Bldgs. + + Common Stock + Dividend 26,740,000 Equipment - Accum. Depr.- Equip. - T 78.040.000 4,292,200 T -1,170,600 Il Gain on disposal VUOTITET LOATUOTI ELIIIII UUTTUUNITH Gain on disposal 2,146,100 Loss on disposal