Journalize the above transactions. Bonita uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year useful life and no residual value. The equipment is estimated to have a 10-year useful life and no residual value. Update depreciation on assets disposed of at the time of sale or retirement
Date | Account and explanation | Debit | Credit |
Mar-01 | Land | $20,52,000 | |
Cash | $20,52,000 | ||
Apr-01 | Depreciation expenses-Equipment($42,400*3/12) | $10,600 | |
Accumulated Depreciation-Equipment | $10,600 | ||
Apr-01 | Accumulated Depreciation-Equipment | $1,80,200 | |
Cash | $2,50,160 | ||
Equipment | $4,24,000 | ||
Gain on disposal | $6,360 | ||
Jun-01 | Cash | $15,33,000 | |
Land | $3,04,000 | ||
Gain on disposal of land | $12,29,000 | ||
Oct-01 | Equipment | $14,98,000 | |
Cash | $14,98,000 | ||
Dec-31 | Accumulated Depreciation-Equipment | $5,03,000 | |
Equipment | $5,03,000 | ||
Dec-31 | Depreciation expenses-Building | $5,70,420 | |
Accumulated Depreciation-Building | $5,70,420 | ||
Dec-31 | Depreciation expenses-Equipment | $41,15,700 | |
Accumulated Depreciation-Equipment | $41,15,700 | ||
BONITA COMPANY | |||
Partial Balance sheet | |||
For the year ended Dec 31,2017 | |||
Land | $47,09,000 | ||
Building | $2,85,21,000 | ||
Less:Accumulated Depreciation-Building | $1,23,61,420 | $1,61,59,580 | |
Equipment | $4,11,57,000 | ||
Less:Accumulated Depreciation-Equipment | $88,26,100 | $3,23,30,900 | |
Total Plant Assets | $5,31,99,480 | ||
Journalize the above transactions. Bonita uses straight-line depreciation for buildings and equipment. The buildings are estimated...
Question 4
At December 31, 2016, Bonita Ltd. reported the following as plant
assets.
Land
£ 2,961,000
Buildings
£28,521,000
Less: Accumulated depreciation-buildings
11,791,000
16,730,000
Equipment
40,586,000
Less: Accumulated depreciation-equipment
5,383,000
35,203,000
Total plant assets
£54,894,000
During 2017, the following selected cash transactions
occurred.
Mar. 1
Purchased land for £2,052,000.
April 1
Sold equipment that cost £424,000 when purchased on January 1,
2013. The equipment was sold for £250,160.
June 1
Sold land purchased on June 1, 2007, for £1,533,000. The...
P10.5A (LO 2, 3, 5) At December 31, 2020, Grand Company reported
the following as plant assets.
Journalize a series of equipment transactions related to purchase,
sale, retirement, and depreciation.
Land
$ 4,000,000
Buildings
$28,500,000
Less: Accumulated depreciation—buildings
12,100,000
16,400,000
Equipment
48,000,000
Less: Accumulated depreciation—equipment
5,000,000
43,000,000
Total plant assets
$63,400,000
During 2021, the following selected cash transactions occurred.
April 1
Purchased land for $2,130,000.
May 1
Sold equipment that cost $750,000 when purchased on January 1,
2017. The equipment...
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 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...
Read the reouremerts Requirement1.Record depreciation expense on the equipment for year & by the straight line method. Revised deprecialion conts and Explanatian Cred Requirement 2.What iscoumuiated depreciation at the and of year 8 Requirement 1. Record depreciation expense on the equipme First, select the formula to calculate the company's revised depr Accumulated depreciation Book value Cost Depreciation Rec ent for year 8. (Record deb counts and Explanation Net book value Residual value Revised useful life remaining Useful life Requirement 2....
For
the first part I have to journalize the above transactions. Then I
have to record and adjusting entry for the depreciation required at
December 31. Then for the third part I have to prepare the property
plant and equipment for the company statement of financial
position.
At January 1, 2022, Blossom Company reported the following property Accumulated depreciation-buildings Accumulated depreciation equipment Buildings Equipment Land $60,200,000 52.000.000 97,200.000 150,000,000 20,000,000 The company uses straight-line depreciation for buildings and equipment, its...
Question 4
At December 31, 2016, Grouper SA reported the following as plant
assets.
Land
€ 2,866,000
Buildings
€29,773,000
Less: Accumulated depreciation-buildings
12,929,000
16,844,000
Equipment
39,084,000
Less: Accumulated depreciation-equipment
4,622,000
34,462,000
Total plant assets
€54,172,000
During 2017, the following selected cash transactions
occurred.
April 1
Purchased land for €2,458,000.
May 1
Sold equipment that cost €801,000 when purchased on January 1,
2013. The equipment was sold for €496,620.
June 1
Sold land purchased on June 1, 2007 for €1,880,000. The...
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 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, Swifty Corporation reported the following plant assets. Land $ 4,353,000 Buildings $26,720,000 Less: Accumulated depreciation—buildings 17,303,175 9,416,825 Equipment 58,040,000 Less: Accumulated depreciation—equipment 7,255,000 50,785,000 Total plant assets $64,554,825 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,192,200. May 1 Sold equipment that cost $870,600 when purchased on January 1, 2016. The equipment was sold for $246,670. June 1 Sold land for $2,321,600. The land cost $1,451,000. July 1 Purchased equipment for...