Question

Current Attempt in Progress At December 31, 2022, Pronghorn Corporation reported the following plant assets. Land $3,498,000 Buildings $26,630,000 Less: Accumulated depreciation-buildings 13,904,550 12,725,450 Equipment 46,640,000 Less: Accumulated depreciation-equipment 5,830,000 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 $1,865,600. The land cost $1,166,000. July 1 Purchased equipment for $1,282,600. Dec. 31 Retired equipment that cost $816,200 when purchased on December 31, 2013. No salvage value was received.

Answer 1

Head will be Gain on sale of Land for entry on June 1

Plant Assets
Land		4897200
Buildings	26630000
Less : Accumulated Depreciation	13904550	12725450
Equipment	46406800
Less : Accumulated Depreciation	9182250	37224550
Total Plant Assets		54847200

Since Details for Depreciation on Buidling for 2023 is not given, if it will be available it will be added in accumulated depreciation above