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.
1) Record any adjustments to accounts for depreciation for 2018. (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 + Notes Rec. + Interest Rec. + Land + Buildings - Accum. Depr. - Bldgs. + Equipment - Accum. Depr. - Equip. = Interest Payable + Notes Payable + Common Stock + Revenue - Expense - Dividend Bal. $ $ $ $ $ $ $ $ $ $ $ $ $ $ Apr. 1 May 1 May 1 June 1 July 1 Dec. 31 Dec. 31 Dec. 31 $ $ $ $ Dec. 31 Dec. 31 Dec. 31
2) Prepare the property, plant, and equipment section of the company’s statement of financial position at December 31. (List Property, Plant and Equipment in order of Land, Buildings and Equipment.) . Statement of Financial Position (Partial) Land $ Building $ : Accumulated Depreciation-Buildings Equipment : Accumulated Depreciation-Equipment $
1.
1-Apr | Land | 4,292,200 | |
Cash | 4,292,200 | ||
(Purchased land) |
1-May | Cash | 331,670 | |
Equipment | 1,170,600 | ||
Acc. Depre Equipment | 838,930 | ||
(Equipment Sold (Data missing for the depreciation calculation, hence the difference accounted in Acc. Depreciation account) |
1-Jun | Cash | 3,121,600 | |
Land | 1,951,000 | ||
Gain from sale of land | 1,170,600 | ||
(Sold Land) |
1-Jul | Equipment | 2,146,100 | |
Cash | 2,146,100 | ||
(Purchased Equipment) |
31-Dec | Acc.Depreciation | 1,365,700 | |
Equipment | 1,365,700 | ||
(Equipment Retired) |
2.
December 31 2018 | ||
Plant Assets | 2018 | |
Land | 8,194,200 | |
Buildings | 26,740,000 | |
Less:Acc Depre | (23,265,675) | 3,474,325 |
Equipment | 77,649,800 | |
Less:Acc Depre | (7,550,370) | 70,099,430 |
Total Plant Assets | 81,767,955 |
Workings given below.
There is no data available to calculate the Depreciation expense for the year.
Land | Buildings | Acc Dep Buildings | Equipment | Acc Dep Equipment | |
Opening Balance 2018 | 5,853,000 | 26,740,000 | (23,265,675) | 78,040,000 | (9,755,000) |
Apr 1 | 4,292,200 | ||||
May 1 | (1,170,600) | 838,930 | |||
Jun 1 | (1,951,000) | ||||
Jul 1 | 2,146,100 | ||||
Dec 31 | (1,365,700) | 1,365,700 | |||
Total | 8,194,200 | 26,740,000 | (23,265,675) | 77,649,800 | (7,550,370) |
At December 31, 2017, Blue Corporation reported the following plant assets. Land $ 5,853,000 Buildings $26,740,000...
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...
At December 31, 2022, 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 2023, 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, 2016. 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...
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....
At December 31, 2022, Blue Corporation reported the following plant assets. Land $4,548,000 Buildings $26,520,000 18,078,300 8,441,700 Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets 60,640,000 7,580,000 53,060,000 $66,049,700 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,335,200. May 1 Sold equipment that cost $909.600 when purchased on January 1, 2016. The equipment was sold for $257.720. June 1 Sold land for $2.425,600. The land cost $1.516,000. July 1 Purchased equipment for...
At December 31, 2017, Grand Company reported the following as plant assets. Land $ 4,360,000 Buildings $28,130,000 Less: Accumulated depreciation—buildings 12,490,000 15,640,000 Equipment 48,640,000 Less: Accumulated depreciation—equipment 5,290,000 43,350,000 Total plant assets $63,350,000 During 2018, the following selected cash transactions occurred. April 1 Purchased land for $2,050,000. May 1 Sold equipment that cost $1,020,000 when purchased on January 1, 2014. The equipment was sold for $612,000. June 1 Sold land purchased on June 1, 2008 for $1,560,000. The land cost...
At December 31, 2022, Martinez Corporation reported the following plant assets. Land $ 3,783,000 Buildings $26,590,000 Less: Accumulated depreciation—buildings 15,037,425 11,552,575 Equipment 50,440,000 Less: Accumulated depreciation—equipment 6,305,000 44,135,000 Total plant assets $59,470,575 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 for...
At December 31, 2022, Martinez Corporation reported the following plant assets. Land $3,783,000 Buildings Less: Accumulated depreciation-buildings $26,590,000 15,037.425 50,440,000 11.552,575 Equipment Less: Accumulated depreciation equipment 6,305,000 Total plant assets 44.135,000 $59,470,575 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 for...
At December 31, 2017, Flounder Corporation reported the following plant assets. Land $ 5,883,000 Buildings $26,560,000 Less: Accumulated depreciation—buildings 23,384,925 3,175,075 Equipment 78,440,000 Less: Accumulated depreciation—equipment 9,805,000 68,635,000 Total plant assets $77,693,075 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $4,314,200. May 1 Sold equipment that cost $1,176,600 when purchased on January 1, 2011. The equipment was sold for $333,370. June 1 Sold land for $3,137,600. The land cost $1,961,000. July 1 Purchased equipment for...
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...
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...