Do not give solution in image At December 31, 2017, Indigo Corporation reported the following plant assets.LandBuildingsLess: Accumulateddepreciation-buildingsEquipmentLess: Accumulateddepreciation-equipmentTotal plant assets$26,710,00021,298,050Cash + Land71,440,0008,930,000$5,358,0005,411,950+ Buildings62,510,000During 2018, the following selected cash transactions occurred.Apr. 1Purchased land for $3,929,200.May 1Sold equipment that cost $1,071,600 when purchased on January 1, 2011. The equipment was sold for $303,620.June 1Sold land for $2,857,600. The land cost $1,786,000.Purchased equipment for $1,964,600.July 1Dec. 31Retired equipment that cost $1,250,200 when purchased on December 31, 2008. No salvage value was received.$73,279,950Prepare 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, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of theamount entered for the particular Asset, Liability or Equity item that was reduced.)Assets = Liabilities + Stockholders' EquityAccum. Depr.- Bldgs. + EquipmentAccum. Depr.- Equip.Retained EarningsCommon Stock + RevenueExpenseDividend

The assets that are physical in nature, and add value to the business in the future are referred to…

At December 31, 2017, Indigo Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,710,000 21,298,050 71,440,000 8,930,000 $ 5,358,000 5.411.950 62,510,000 $73,279,950 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,929,200.

At December 31, 2017, Indigo Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,710,000 21,298,050 71,440,000 8,930,000 $ 5,358,000 5.411.950 62,510,000 $73,279,950 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,929,200.

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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