At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts:
$60,400,000 | ||
53,500,000 | ||
Buildings | 97,600,000 | |
Equipment | 150,000,000 | |
Land | 21,850,000 |
The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. 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.
During 2022, the following selected transactions occurred:
Apr. 1 | ||
May 1 | ||
June 1 | ||
July 1 | ||
Record any adjusting entries for depreciation required at December 31. (Credit account titles are automatically indented when the 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.)
Answer -
BLOSSOM COMPANY
Statement of Financial Position (Partial)
December 31, 2022
Property, plant, and equipment | - | - |
Land | - | $24750000 |
Buildings | $97600000 | - |
Less: Accumulated depreciation--Buildings | $62840000 | $34760000 |
Equipment | $149060000 | - |
Less: Accumulated depreciation--Equipment | $65259000 [Refer working note - (1)] | $83801000 |
Total property, plant, and equipment | - | $143311000 |
# Working Note - (1) - Accumulated depreciation--Equipment -
Date | Amount ($) | Date | Amount ($) |
May 1, 2022 | 2200000 [(2640000 /10 years) * 8 years + 88000)] | Jan. 1, 2022 | 53500000 [Opening balance] |
Dec. 31, 2022 | 1000000 | May 1, 2022 | 88000 [($2640000/10 years) * 4/12] |
Dec. 31, 2022 | 100000 [$1000000/10 years] | ||
Dec. 31, 2022 | 14771000 [($150000000-$2640000-$1000000) / 10 years] + [($2700000/10 years)*6/12] | ||
. | |||
Dec. 31, 2022 | 65259000 [Ending balance] |
At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts
At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings $60,400,000 Accumulated depreciation—equipment 53,500,000 Buildings 97,600,000 Equipment 150,000,000 Land 21,850,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. 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. During 2022, the following selected transactions...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
At January 1, 2022, Carla Vista Co. reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings $62,000,000 Accumulated depreciation—equipment 52,400,000 Buildings 97,300,000 Equipment 150,400,000 Land 21,850,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. 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. During 2022, the following selected...
Problem 7-4 At January 1, 2017, Sunland Company reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings $63,750,000 Accumulated depreciation—equipment 52,750,000 Buildings 97,400,000 Equipment 150,450,000 Land 20,650,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjustments annually. 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. During 2017, the following selected...
At January 1, 2018, Cullumber Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings $62,300,000 Accumulated depreciation—equipment 50,300,000 Buildings 96,100,000 Equipment 150,300,000 Land 18,100,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the following selected...
Becord proper plant and equipment ransactions, prepare partial balance heet. P 9.4A (LO 1, 2, 3, 5), AP At January 1, 2022. Youngstown Company reported the following property plant, and equipment accounts: Accumulated depreciation-buildings $ 62,200,000 Accumulated depreciation-equipment 54,000,000 Buildings 97,400,000 Equipment 150,000,000 Land 20,000,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31. and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the...
At January 1, 2018, Sheridan Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings $65,600,000 Accumulated depreciation—equipment 49,100,000 Buildings 96,400,000 Equipment 156,900,000 Land 20,300,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the following selected...
At January 1, 2018, Sunland Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings $59,500,000 Accumulated depreciation—equipment 57,100,000 Buildings 102,500,000 Equipment 152,600,000 Land 20,600,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the following selected...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings Equipment $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 Land The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018,...