At December 31, 2019, Marin Enterprises reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets €27/420.000 13,940,000 47,200,000 4,820,000 During 2020, the following selected cash transactions occurred. €3,710,000 13,480,000 42,380,000 €59,570,000
At December 31, 2019, Marin Enterprises reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets €27/420.000 13,940,000 47,200,000 4,820,000 During 2020, the following selected cash transactions occurred. €3,710,000 13,480,000 42,380,000 €59,570,000
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter8: Investing Activities
Section: Chapter Questions
Problem 1.3AIC: Estimate the average total estimated useful life of depreciable property, plant, and equipment....
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![Record adjusting entries for depreciation for 2020. (Credit account titles are automatically indented when amount is entered. Do not
indent manually)
Date Account Titles and Explanation
Dec. 31
Dec 31
Depreciation Expense
Accumulated Depreciation-Bulldings.
(To record building depreciation)
Depreciation Expense
Accumulated Depreciation Equipment
(To record equipment deprecition)
Debit
Credit
Prepare the plant assets section of Marin's statement of financial position at December 31, 2020. (List Property, plant and
equipment in order of land, buildings and equipment)
Property, Plant and Equipment
Land
Buildings
Less v
Equipment
: Accumulated Deprectation-Buildings
Total Property. Plant and Equipment
V
Less : Accumulated Depreciation-Equipment
eTextbook and Media
List of Accounts
MARIN ENTERPRISES
Partial Statement of Financial Position
MINORLIFE
December 21 2020
V
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6f2b7fbb-bc54-4b8e-a497-0628a48d085b%2F2c20b53d-f21e-49b3-a433-2f6dade96910%2F782dtd5_processed.png&w=3840&q=75)
Transcribed Image Text:Record adjusting entries for depreciation for 2020. (Credit account titles are automatically indented when amount is entered. Do not
indent manually)
Date Account Titles and Explanation
Dec. 31
Dec 31
Depreciation Expense
Accumulated Depreciation-Bulldings.
(To record building depreciation)
Depreciation Expense
Accumulated Depreciation Equipment
(To record equipment deprecition)
Debit
Credit
Prepare the plant assets section of Marin's statement of financial position at December 31, 2020. (List Property, plant and
equipment in order of land, buildings and equipment)
Property, Plant and Equipment
Land
Buildings
Less v
Equipment
: Accumulated Deprectation-Buildings
Total Property. Plant and Equipment
V
Less : Accumulated Depreciation-Equipment
eTextbook and Media
List of Accounts
MARIN ENTERPRISES
Partial Statement of Financial Position
MINORLIFE
December 21 2020
V
4
![At December 31, 2019, Marin Enterprises reported the following as plant assets.
Land
Buildings
Less: Accumulated depreciation-buildings
Equipment
47,200,000
Less: Accumulated depreciation-equipment 4,820,000
Total plant assets
April
1
During 2020, the following selected cash transactions occurred.
May
1
June
1
July
1
Dec.
31
€27,420.000
Purchased land for €2,030,000.
13,940,000
Purchased equipment for €2,510,000.
€ 3,710.000
13,480,000
42,380,000
€59,570,000
Sold equipment that cost €960,000 when purchased on January 1, 2016. The equipment was sold for €596,480.
Sold land purchased on June 1, 2010 for €1,500,000. The land cost €397.000,
Retired equipment that cost €503,000 when purchased on December 31, 2010, No residual value was received.
Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are
estimated to have a 50-year 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 or at the time of sale or retirement (Credit account titles are automatically indented
when amount is ertered. Do not indent manually
Date
noti
De
P
Account Titles and Explanation
Land
Cast
Depre
Alated pretios-Fouement
To record depreciation)
taistell
1341
Teresare said of coupment!
Dep
asion Eqomer
Pleas
mated Deputy Couple
To record depreciation
Eduarent
Actated Dam
To record retrament of equipment)
Debit
Credit
-
+](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6f2b7fbb-bc54-4b8e-a497-0628a48d085b%2F2c20b53d-f21e-49b3-a433-2f6dade96910%2Fc2mka1j_processed.png&w=3840&q=75)
Transcribed Image Text:At December 31, 2019, Marin Enterprises reported the following as plant assets.
Land
Buildings
Less: Accumulated depreciation-buildings
Equipment
47,200,000
Less: Accumulated depreciation-equipment 4,820,000
Total plant assets
April
1
During 2020, the following selected cash transactions occurred.
May
1
June
1
July
1
Dec.
31
€27,420.000
Purchased land for €2,030,000.
13,940,000
Purchased equipment for €2,510,000.
€ 3,710.000
13,480,000
42,380,000
€59,570,000
Sold equipment that cost €960,000 when purchased on January 1, 2016. The equipment was sold for €596,480.
Sold land purchased on June 1, 2010 for €1,500,000. The land cost €397.000,
Retired equipment that cost €503,000 when purchased on December 31, 2010, No residual value was received.
Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are
estimated to have a 50-year 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 or at the time of sale or retirement (Credit account titles are automatically indented
when amount is ertered. Do not indent manually
Date
noti
De
P
Account Titles and Explanation
Land
Cast
Depre
Alated pretios-Fouement
To record depreciation)
taistell
1341
Teresare said of coupment!
Dep
asion Eqomer
Pleas
mated Deputy Couple
To record depreciation
Eduarent
Actated Dam
To record retrament of equipment)
Debit
Credit
-
+
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