At December 31, 2014, Navaro Corporation reported the following plant assets:.LandBuildings$5,289,000$32,900,000Less: Accumulated depreciation - buildings 21,023,775 11,876,225Equipment70,520,000Less: Accumulated depreciation - equipment 8,815,000 61,705,000Total plant assets$78,870,225During 2015, the following selected cash transactions occurred.Apr. 1 Purchased land for $3,878,600.May 1 Sold equipment that cost $1,057,800 when purchased on January 1, 2008. The equipment was sold for $299,710.June 1 Sold land for $2,820,800. The land cost $1,763,000.July 1 Purchased equipment for $1,939,300.Dec. 31 Retired equipment that cost $1,234,100 when purchased on December 31, 2005. No salvage value was received.Record adjusting entries for depreciation for 2015 Prepare the plant assets section of Navaro's balance sheet at December 31 2015

Explanation:Journal Entries: DateParticularsL.FAmount ($)Apr-01Land 3,878,600 To, Cash (Beng…

Answered: At December 31, 2014, Navaro…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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