Question

Problem 7-2 (Part Level Submission) At December 31, 2017, Blue Corporation reported the following plant assets. Land $ 5,853,000 Buildings $26,740,000 Less: Accumulated depreciation—buildings 23,265,675 3,474,325 Equipment 78,040,000 Less: Accumulated depreciation—equipment 9,755,000 68,285,000 Total plant assets $77,612,325 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $4,292,200. May 1 Sold equipment that cost $1,170,600 when purchased on January 1, 2011. The equipment was sold for $331,670. June 1 Sold land for $3,121,600. The land cost $1,951,000. July 1 Purchased equipment for $2,146,100. Dec. 31 Retired equipment that cost $1,365,700 when purchased on December 31, 2008. No salvage value was received. Enter the 2018 transactions in the tabular summary from part (a). Blue 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. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Cash + Land + Buildings - Accum. Depr. - Bldgs. + Equipment - Accum. Depr. - Equip. = + Common Stock + Revenue - Expense - Dividend Bal. $ $ $ $ $ $ $ $ $ $ $ Apr. 1 May 1 May 1 June 1 July 1 Dec. 31 Dec. 31. Also list do we have gain on disposal, loss on disposal, research and development expense, depreciation expense,amortization expense on May 1,June 1, December 31. Click if you would like to Show Work for this question: Open Show Work.

C Problem 7-2 (Part Level Submiss WileyPLUS M Your question needs to be updat X https//edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: My Wiley PLUS| Help | Contact U, | Leg Quh WileyPLUS ACCOUNTING FOR MANAGERS (FMGT1116 & 4816) Kimmel, Survey of Accounting, le Downloadable eTextbook Read, Study & Practice Gradebook Home Assignment ORION Assionment> Open Assignment NEXT CALCULATOR FULL SCREEN PRINTER VERSION «ВАСК ASSIGNMENT RESOURCES Problem 7-2 (Part Level Submission) Chapter 7-Homework Assignment (araded for Droblem 7-1 At December 31, 2017, Blue Corporation reported the following plant assets. Land 5,853,000 Problem 7-2 (Part Level Buildings $26.740.000 23. 265.675 Less: Accumulated depreciation-buildings 3,474,325 Problem 7-6 Equipment 78.040.000 Problem 7-Z Less: Accumulated depreciation-equipment 9,755,000 68,285,000 $77,612,325 Total plant assets Bevicw Results by Study Objective During 2018, the following selected cash transactions occurred. Purchased land for $4,292.200 Apr. 1 Мay 1Sold equipment that cost $1,170,600 when purchased on January 1, 2011. The equipment was sold for $331,670. Sold land for $3,121,600. The land cost $1,951,000. June 1. July Purchased equipment for $2,146,100. 1 Dec. 31 Retired equipment that cost $1,365,700 when purchased on December 31, 2008. No salvage value was received. (a) Your answer is correct. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2017, balance sheet, (If a transaction causes a decrease in Assets, Li feant f tha amount antase 1 Ear tha aacticular Arcat Lishilit, ar Fauitu tom that wac raducad 10:12 PM O Type here to search ENG 2019-06-15 xCProblem 7-2 (Part Level SubmissiX WileyPLUS M Your question needs to be upda https//edugen.wileyplus.com/edugen/student/mainfr.uni Read, Study & Practice Assignment Gradebook Downloadable eTextbook Home ORION Assignment Open Assignment NEXT PRINTER VERSION FULL SCREEN CALCULATOR 4 ВАСK ASSIGNMENT RESOURCES aight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment chapter 7- Homework estimated to have 10-year r retirement. (If a transaction causes a decrease in Assets, Liabilities or Stockholders Equity, place a negative sign (or parentheses) in front of the Ereduced.) marks t (araded for Stockholders' Equity Liabilities Problem 7-1 Problem 7-2 (Part Level - Retained Earnings Bldgs. Accum, Depr. Equip. = Dividend Equipment Common Stock Revenue Expense Problem 7-4 Problem 7-6 Problem 7-7 Review Score Review Results by Study Objective ense Gain on disposal Loss on disposal Research & development expense Amortization expense GURMIT ANSwER Attamnte 0 of 3 ucad SAVE EOR LATER Privacy Policy |2000-2019 John Wiley & Sons, Inc. All Rightts Reserved. A Division of John Vwiley & Sons, Inc. License Agreement Version 4,24.14.11 10:14 PM Type here to search ENG 2019-06-15 xCProblem 7-2 (Part Level SubmissiX WileyPLUS M Your question needs to be upda https//edugen.wileyplus.com/edugen/student/mainfr.uni Read, Study & Practice Assignment Gradebook Downloadable eTextbook Home ORION Assignment Open Assignment NEXT PRINTER VERSION FULL SCREEN CALCULATOR 4 ВАСK estimated to have aight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value: the equipment 10-year r retirement. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the ASSIGNMENT RESOURCES chapter 7- Homework Ereduced.) marks t (araded for Stockholders' Equity Liabilities Problem 7-1 Problem 7-2 (Part Level - Retained Earnings Accum, Depr. Equip. = Bldgs. Dividend Equipment Common Stock Revenue Expense Problem 7-4 Problem 7-6 Problem 7-7 Review Score Review Results by Study Objective GURMIT ANSwER Attamnte 0 of 3 ucad SAVE EOR LATER Privacy Policy |2000-2019 John Wiley & Sons, Inc. All Rightts Reserved. A Division of John Vwiley & Sons, Inc. License Agreement Version 4,24.14.11 10:14 PM Type here to search ENG 2019-06-15 C Problem 7-2 (Part Level Submiss WileyPLUS M Your question needs to be updat X https//edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: MyWiley PLUS | Help| Contact Us | Leg Out WileyPLUS ACCOUNTING FOR MANAGERS (FMGT1116 & 4816) Kimmel, Survey of Accounting, le Downloadable eTextbook Read, Study & Practice Gradebook Home Assignment ORION Assionment> Open Assignment NEXT CALCULATOR FULL SCREEN PRINTER VERSION «ВАСК ASSIGNMENT RESOURCES Problem 7-2 (Part Level Submission) Chapter 7-Homework Assignment (araded for Droblem 7-1 At December 31, 2017, Blue Corporation reported the following plant assets. Land 5,853,000 Problem 7-2 (Part Level Buildings $26.740.000 23. 265.675 Less: Accumulated depreciation-buildings 3,474,325 Problem 7-6 Equipment 78.040.000 Problem 7-Z Less: Accumulated depreciation-equipment 9,755,000 68,285,000 $77,612,325 Total plant assets Bevicw Results by Study Objective During 2018, the following selected cash transactions occurred. Purchased land for $4,292.200 Apr. 1 Мay 1Sold equipment that cost $1,170,600 when purchased on January 1, 2011. The equipment was sold for $331,670. Sold land for $3,121,600. The land cost $1,951,000. June 1. July Purchased equipment for $2,146,100. 1 Dec. 31 Retired equipment that cost $1,365,700 when purchased on December 31, 2008. No salvage value was received. (a) Your answer is correct. https//www.wileyplus.com/go/support Tepare a tabular summary that indludes the plant asset accounts and balances shown on the December 31, 2017, balance sheet. (If a transaction causes a decrease in Assets, Lie 1 Ear tha aacticular Arcat Lishilit, ar Fauitu tom that wac raducad ront af tho amaunt ontase 10:12 PM O Type here to search ENG 2019-06-15

Answer 1

Assets						Liabilities	Stockholders Equity
Cash	Land	Building	Accumu Depr - bldg	Equipment	Accumu Depr - equip		Common Stock	Revenues	Expense	Dividend
	5,853,000	26,740,000	23,265,675	78,040,000	9,755,000