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a. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year 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. b. Record adjusting entries for depreciation for 2023. b. Depreciation Expense–Buildings $570,000; Equipment $4,800,000 c. Prepare the plant assets section of Grand's balance sheet at December 31, 2023. c. Total plant assets $61,760,000

a. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year 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. b. Record adjusting entries for depreciation for 2023. b. Depreciation Expense–Buildings $570,000; Equipment $4,800,000 c. Prepare the plant assets section of Grand's balance sheet at December 31, 2023. c. Total plant assets $61,760,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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P10.5 (LO 2, 3, 5), AP Financial Statement At December 31, 2022, Grand Company reported the following as plant assets. 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 2023, the following selected cash transactions occurred. Аpril 1 Purchased land for $2,130,000. 1 Sold equipment that cost $750,000 when purchased on January 1, 2019. The equipment was sold for $450,000. 1 Sold land purchased on June 1, 2013 for $1,500,000. The land cost $400,000. 1 Purchased equipment for $2,500,000. Мay June July Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2013. Instructions a. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year 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. b. Record adjusting entries for depreciation for 2023. b. Depreciation Expense-Buildings $570,000; Equipment $4,800,000 c. Prepare the plant assets section of Grand's balance sheet at December 31, 2023. c. Total plant assets $61,760,000 Record disposals.
Transcribed Image Text:P10.5 (LO 2, 3, 5), AP Financial Statement At December 31, 2022, Grand Company reported the following as plant assets. 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 2023, the following selected cash transactions occurred. Аpril 1 Purchased land for $2,130,000. 1 Sold equipment that cost $750,000 when purchased on January 1, 2019. The equipment was sold for $450,000. 1 Sold land purchased on June 1, 2013 for $1,500,000. The land cost $400,000. 1 Purchased equipment for $2,500,000. Мay June July Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2013. Instructions a. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year 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. b. Record adjusting entries for depreciation for 2023. b. Depreciation Expense-Buildings $570,000; Equipment $4,800,000 c. Prepare the plant assets section of Grand's balance sheet at December 31, 2023. c. Total plant assets $61,760,000 Record disposals.
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