At December 31, 2020, Sunland Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets April 1 May 1 June 1 July 1 $29,770,000 12,500,000 Dec. 31 47,890,000 4,870,000 $4,360,000 17,270,000 During 2021, the following selected cash transactions occurred. Purchased land for $2,030,000. Sold equipment that cost $1.110,000 when purchased on January 1, 2017. The equipment was sold for $666,000. Sold land purchased on June 1, 2011 for $1,490,000. The land cost $391,000. Purchased equipment for $2,580,000. Retired equipment that cost $489,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. 43,020,000 $64,650,000
At December 31, 2020, Sunland Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets April 1 May 1 June 1 July 1 $29,770,000 12,500,000 Dec. 31 47,890,000 4,870,000 $4,360,000 17,270,000 During 2021, the following selected cash transactions occurred. Purchased land for $2,030,000. Sold equipment that cost $1.110,000 when purchased on January 1, 2017. The equipment was sold for $666,000. Sold land purchased on June 1, 2011 for $1,490,000. The land cost $391,000. Purchased equipment for $2,580,000. Retired equipment that cost $489,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. 43,020,000 $64,650,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
prepare the
Transcribed Image Text:Current Assets
Less:
Add:
Balance Shoat (Purttal)
December 31, 2021
11
lin
Transcribed Image Text:At December 31, 2020, Sunland Company reported the following as plant assets.
Land
Buildings
Less: Accumulated depreciation-buildings
Equipment
Less: Accumulated depreciation-equipment
Total plant assets
April 1
$29,770,000
12,500,000
47,890,000
4,870,000
May 1
June 1
July 1
Dec. 31
$4,360,000
17,270,000
During 2021, the following selected cash transactions occurred.
Purchased land for $2,030,000.
Sold equipment that cost $1,110,000 when purchased on January 1, 2017. The equipment was sold for $666,000.
Sold land purchased on June 1, 2011 for $1,490,000. The land cost $391,000.
Purchased equipment for $2,580,000.
Retired equipment that cost $489,000 when purchased on December 31, 2011. The company received no proceeds
related to salvage.
43,020,000
$64,650,000
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