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In early July 2019, the resort expanded operations and purchased additional equipment for cash at...

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Accounting

In early July 2019, the resort expanded operations and purchased additional equipment for cash at cost of $105,000. The company depreciates buildings using the striaght-line method over 20 years with residual values of $88,000. Due to obsolescence, the equipment has a useful life of only 10 years and is being depreciated by the double-declining-balance method with a residual value of zero.

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Donatello Lake Resort reported the following on its balance sheet at December 31, 2018: EEB (Click the icon to view the partial balance sheet.Cilickthe icon to view additional informatio) Requirements 1. Journalize Donatello Lake Resort's plant asset purchase and depreciation transactions for 2019. 2. Report plant assets on the December 31, 2019, balance sheet. Partial Balance Sheet Property, plant, and equipment, at cost: Land... 143,000 Requirement 1. Journalize Donatello Lake Resort's plant asset purchase and depreciation transactions for 2019. Begin by joumalizing the plant asset purchase. Less: Accumulated depreciation Equipment... Less: Accumulated depreciation Journal Entry 405,000 Date Accounts Debit Credit (263,000) Print Done

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