Date | Account Titles and Explanation | Debit | Credit |
April 1 | Land | 2000000 | |
Cash | 2000000 | ||
May 1 | Depreciation expense ($840000/10 x 4/12) | 28000 | |
Accumulated depreciation-equipment | 28000 | ||
(To record depreciation) | |||
May 1 | Cash | 504000 | |
Accumulated depreciation-equipment* | 364000 | ||
Gain on disposal | 28000 | ||
Equipment | 840000 | ||
(To record sale of equipment) | |||
June 1 | Cash | 1430000 | |
Land | 393000 | ||
Gain on disposal | 1037000 | ||
July 1 | Equipment | 2440000 | |
Cash | 2440000 | ||
Dec. 31 | Depreciation expense ($480000/10) | 48000 | |
Accumulated depreciation-equipment | 48000 | ||
(To record depreciation) | |||
Dec. 31 | Accumulated depreciation-equipment | 480000 | |
Equipment | 480000 | ||
(To record retirement of equipment) |
*Accumulated depreciation-equipment:
Annual depreciation = $840000/10 = $84000
Accumulated depreciation = ($84000 x 4) + $28000 = $364000
Date | Account Titles and Explanation | Debit | Credit |
Dec. 31 | Depreciation expense ($29800000/50) | 596000 | |
Accumulated depreciation-buildings | 596000 | ||
(To record building depreciation) | |||
Dec. 31 | Depreciation expense* | 4742000 | |
Accumulated depreciation-equipment | 4742000 | ||
(To record equipment depreciation) |
*Depreciation expense:
Depreciation on Jan. 1 balance: ($47520000 - $840000 - $480000)/10 = $46200000/10 = $4620000
Depreciation on new equipment purchased: ($2440000/10 x 6/12) = $122000
Total depreciation expense = $4620000 + $122000 = $4742000
Pronghorn Company | ||
Balance Sheet (Partial) | ||
December 31, 2021 | ||
Property, Plant, and Equipment | ||
Land | 5927000 | |
Buildings | 29800000 | |
Less: Accumulated depreciation-Buildings | 11166000 | 18634000 |
Equipment | 48640000 | |
Less: Accumulated depreciation-Equipment | 4142000 | 44498000 |
Total property, plant, and equipment | 69059000 |
(To record sale of equipment) SHOW LIST OF ACCOUNTS Problem 10-05A a-c (Video) At December 31,...
See below. Problem 10-05A a-c (Video) At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000 Buildings $27,290,000 Less: Accumulated depreciation-buildings 12,170,000 15,120,000 Equipment 48,020,000 Less: Accumulated depreciation-equipment 4,550,000 43,470,000 Total plant assets 562,360,000 During 2021, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,190,000. Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000. Sold land...
See below. Can you please assist with the last section? Problem 10-05A a-c (Video) At December 31, 2020, Flint Company reported the following as plant assets. $ 3,770,000 15,120,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets 527,290,000 12,170,000 48,020,000 4,550,000 43,470,000 562,360,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. May 1 Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000...
PLUS L U Weygandt, Accounting Principles, 13e Helu System Announcements SURCES ent Problem 10-05A a-c (Video) At December 31, 2020, Sarasota Company reported the following as plant assets. $3,610,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets 16,360,000 $28,180,000 11,820,000 48,740,000 4,780,000 16 43,960,000 $63,960,000 During 2021, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,170,000. Sold equipment that cost $750,000 when purchased on...
Please help! CALCULAIOR FULL SCREEN PRINILR VERSION 4 ВАСК NEXI Problem 9-2A At December 31, 2017, Pronghorn Corporation reported the following plant assets. Land 3,498,000 Bulldings $26,630,000 ulated depreciation- 13,904,550 ul 12,725,450 Ings 46,640,000 Equipment Less: Accumulated depreciation- equipment 40,810,000 5.830.000 Total plant assets $57,033,450 During 2018, the following selected cash transactions occurred. Apг. 1 Purchased land for $2,565,200. Sold equipment that cost $699,600 when purchased on January 1, 2011. The equipment was sold for $198,220. May 1 Sold land...
Show Attempt History Current Attempt in Progress At December 31, 2022. Pronghorn Corporation reported the following plant assets. Land $ 3,498,000 Buildings Less: Accumulated depreciation-buildings 12,725,450 $26,630,000 13,904,550 46,640,000 5,830,000 Equipment Less: Accumulated depreciation-equipment 40,810,000 $57,033,450 Total plant assets During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,565,200. May 1 Sold equipment that cost $699,600 when purchased on January 1, 2016. The equipment was sold for $198.220 June 1 Sold land for $1,865,600. The land...
Can I have a little assistance, please! Much appreciated! Problem 9-2A At December 31, 2017, Swifty Corporation reported the following plant assets. 4,353,000 Land Buildings Less: Accumulated depreciation- buildings Equipment Less: Accumulated depreciation- equipment Total plant assets $26,720,000 17,303,175 9,416,825 58,040,000 7,255,000 50,785,000 $64,554,825 During 2018, the following selected cash transactions occurred. Apr. Purchased land for $3,192,200. May Sold equipment that cost $870,600 when purchased on January 1, 2011. The equipment was sold for $246,670 June Sold land for $2,321,600....
Question 3 View Policies Show Attempt History Current Attempt in Progress At December 31, 2022, Pronghorn Corporation reported the following plant assets. Land $3,498.000 Buildings 12,725,450 Less: Accumulated depreciation-buildings Equipment $26,630,000 13,904,550 46,640,000 5,830,000 Less: Accumulated depreciation-equipment 40,810,000 Total plant assets $57,033,450 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2.565,200. May 1 Sold equipment that cost $699.600 when purchased on January 1, 2016. The equipment was sold for $198.220. June 1 Sold land for...
Problem 9-2A (Part Level Submission) At December 31, 2017, Arnold Corporation reported the following plant assets. Land $ 3,000,000 Buildings $26,500,000 Less: Accumulated depreciation—buildings 11,925,000 14,575,000 Equipment 40,000,000 Less: Accumulated depreciation—equipment 5,000,000 35,000,000 Total plant assets $52,575,000 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,200,000. May 1 Sold equipment that cost $600,000 when purchased on January 1, 2011. The equipment was sold for $170,000. June 1 Sold land for $1,600,000. The land cost $1,000,000....
At December 31, 2022, Grouper Corporation reported the following plant assets. Land $ 3,783,000 Buildings $26,570,000 Less: Accumulated depreciation-buildings 15,037,425 11,532,575 Equipment 50,440,000 Less: Accumulated depreciation equipment 6,305,000 44.135.000 Total plant assets $59,450,575 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,774,200. May 1 Sold equipment that cost $756,600 when purchased on January 1, 2016. The equipment was sold for $214,370. June 1 Sold land for $2,017,600. The land cost $1,261,000. July 1 Purchased equipment...
At December 31, 2022, Bramble Corporation reported the following plant assets. Land $4,278,000 Buildings $26,530,000 17,005,050 Less: Accumulated depreciation-buildings 9,524,950 Equipment Less: Accumulated depreciation equipment 57,040,000 7,130,000 49,910,000 $63,712,950 Total plant assets During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,137,200. May 1 Sold equipment that cost $855,600 when purchased on January 1, 2016. The equipment was sold for $242,420. June 1 Sold land for $2,281,600. The land cost $1,426,000. July 1 Purchased equipment for...