Problem 9-2A (Part Level Submission)At December 31, 2017, Flounder Corporation reported the following plant assets. Land$5,883,000...

Problem 9-2A (Part Level Submission)At December 31, 2017, Flounder Corporation reported the following plant assets.

Land$ 5,883,000

Buildings$26,560,000

Less: Accumulated depreciation—buildings23,384,925

3,175,075

Equipment78,440,000

Less: Accumulated depreciation—equipment9,805,000

68,635,000

Total plant assets$77,693,075

During 2018, the following selected cash transactions occurred.

Apr. 1Purchased land for $4,314,200.May 1Sold equipment that cost $1,176,600 when purchased on January 1, 2011. The equipment was sold for $333,370.June 1Sold land for $3,137,600. The land cost $1,961,000.July 1Purchased equipment for $2,157,100.Dec. 31Retired equipment that cost $1,372,700 when purchased on December 31, 2008. No salvage value was received.

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*(a)

Your answer is partially correct. Try again.Journalize the transactions. Flounder 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. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

(To record depreciation on equipment sold)

(To record depreciation on equipment retired)

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Attempts: 3 of 3 used *(b)

Your answer is partially correct. Try again.Record adjusting entries for depreciation for 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

(To record depreciation on buildings.)

Dec. 31

(To record depreciation on equipment.)

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