ACC291 At December 31, 2014, Navaro Corporation reported the following plant assets.

At December 31, 2014, Navaro Corporation reported the following plant assets.Land$ 4,242,000Buildings$27,890,000Less: Accumulated depreciation—buildings16,861,950Equipment56,560,000Less: Accumulated depreciation—equipment7,070,000Total plant assets11,028,05049,490,000$64,760,050During 2015, the following selected cash transactions occurred.Apr.May11June 1July1Dec. 31Purchased land for $3,110,800.Sold equipment that cost $848,400 when purchased on January 1, 2008. Theequipment was sold for $240,380.Sold land for $2,262,400. The land cost $1,414,000.Purchased equipment for $1,555,400.Retired equipment that cost $989,800 when purchased on December 31, 2005. Nosalvage value was received.Don’t show me this message again for the assignmentJournalize the transactions. Navaro uses straight-line depreciation for buildings and equipment.The buildings are estimated to have a 40-year useful life and no salvage value; the equipment isestimated to have a 10-year useful life and no salvage value. Update depreciation on assetsdisposed of at the time of sale or retirement. (Record entries in the order displayed in theproblem statement. Credit account titles are automatically indented when amount isentered. Do not indent manually.)Don’t show me this message again for the assignmentShow List of AccountsLink to TextRecord adjusting entries for depreciation for 2015. (Credit account titles are automaticallyindented when amount is entered. Do not indent manually.)Don’t show me this message again for the assignmentShow List of AccountsLink to TextPrepare the plant assets section of Navaro’s balance sheet at December 31, 2015. (Hint: You maywish to set up T accounts, post beginning balances, and then post 2015 transactions.) (List PlantAssets in order of Land, Building and Equipment.)NAVARO CORPORATIONPartial Balance SheetDecember 31, 2015Plant Assets$Land$BuildingsLess:Accumulated DEquipmentLess:Accumulated D$Total Plant Asset