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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. The land cost $1,451,000. July 1 Purchased equipment for $1,596,100 Dec. 31 Retired equipment that cost $1,015,700 when purchased on December 31, 2008. No salvage value was received.

Your answer is correct. Journalize the transactions. Swifty 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 tities are automatically indented when amount is entered. Do not indent manually. Ifno entry is required, select No Entry for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit April 1 and 3192200 Cash 3192200 May 1 epreciation Expense 29020 29020 Accumulated Depreciation-Equipment To record depreciation on equipment sold) Cash 246670 Accumulated Depreciation-Equipment 638440 Gain on Disposal of Plant Assets 14510 Equipment 870600 une 1 Cash 232160D Land 1451000 Gain on Disposal of Land 870600 uly 1 Equipment 1596100 Cash 1596100 Dec. 31Depreciation Expense 101570 101570 Accumulated Depreciation-Equipment To record depreciation on equipment retired) Accumulated Depreciation-Equipment 1015700D

Equipment 101570D LINK TO TEXT LINK TO TEXT LINK TO T EXT VIDEO: SIMILAR PROBLEM 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 Dec. 31 Depreciation Expense Debit Credit 668000 Accumulated Depreciation-Buildings 568000 To record depreciation on buildings.) Dec. 31 Depreciation Expense Accumulated Depreciation-Equipment To record depreciation on equipment.) LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Your answer is partially correct. Try again. Prepare the plant assets section of Swiftys balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) (List Plant Assets in order of Land, Building and Equipment.) SWIFTY CORPORATION Partial Balance Sheet December 31, 2018 Plant Assets Land 6094200

Buildings 26,720,000 Less Accumulated Depreciation-Buildings Equipment Less Accumulated Depreciation-Equipment Total Plant Assets

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Solution: Journal entries - Adjusting Date Account title and explaination Debit Credit Dec.31 Depreciation Expense (26720000/40) 668000 Accumulated Depreciation - Building To record the depreciation expense on building) 668000 Dec.31 Depreciation Expense (refer below) 5695175 Accumulated Depreciation Equipment To record the depreciation expense on Equipment) Depreciation Expense Equipment: Beginning balance Less: Sale Less: Retirement Net Balance Depreciation (56153700/10) Add: Depreciation on addition (1596100/10)/12*6 Total Deperciation on equipment 5695175 58040000 870600 1015700 56153700 5615370 79805 5695175 Partial Balance Sheet Particulars Plant Assets: Land (4353000+3192200-1451000) Building Less: Accumulated Depreciation - Building Equipment (56153700+1596100) Less: Accumulated Depreciation - Equipment Total Plant Assets Amount 6094200 26720000 17971175 8748825 (17303175+668000) 57749800 11426625 46323175 (7255000+29020-638440+101570- 61166200 1015700+5695175)

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