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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 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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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
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 - +
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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