### Instructions for Recording Adjusting Entries for Depreciation (2023)When recording adjusting entries for depreciation for the year 2023, please follow these guidelines:- **Credit account titles will automatically indent** when an amount is entered. **Manual indentation is not required.**- Record journal entries **in the order** they are presented in the problem.- In cases where no entry is required, select "No Entry" for the account titles and enter "0" for the amounts.#### Table for Recording Entries| Date | Account Titles and Explanation | Debit | Credit ||---------|----------------------------------------|-------|--------|| Dec. 31 | Depreciation Expense | | || | Accumulated Depreciation-Buildings | | || | *(To record building depreciation)* | | || Dec. 31 | Depreciation Expense | | || | Accumulated Depreciation-Equipment | | || | *(To record equipment depreciation)* | | |This table is a structured format to ensure accurate and organized recording of depreciation entries at the end of the fiscal year. **Concord Corporation Plant Assets Report as of December 31, 2022**- **Land:** $3,640,000- **Buildings:** $28,180,000 - **Less: Accumulated depreciation—buildings:** $12,681,000 - **Net Buildings Value:** $15,499,000- **Equipment:** $48,740,000 - **Less: Accumulated depreciation—equipment:** $6,092,500 - **Net Equipment Value:** $42,647,500- **Total Plant Assets:** $61,786,500---**Selected Cash Transactions During 2023:**- **April 1:** Purchased land for $2,170,000.- **May 1:** Sold equipment that cost $750,000 (original purchase on January 1, 2016) for $225,000.- **June 1:** Sold land for $1,510,000 (original cost: $993,000).- **July 1:** Purchased equipment for $1,093,000.- **December 31:** Retired equipment that cost $698,000 (original purchase on December 31, 2013). No salvage value was received.

A journal entry is a form of accounting entry that is used to report a business transaction in a…

At December 31, 2022, Concord Corporation reported the following plant assets. Land $ 3,640,000 Buildings $ 28,180,000 Less: Accumulated depreciation-buildings 12,681,000 15,499,000 Equipment 48,740,000 Less: Accumulated depreciation-equipment 6,092,500 42,647,500 Total plant assets $ 61,786,500 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $ 2,170,000. Мay 1 Sold equipment that cost $ 750,000 when purchased on January 1, 2016. The equipment was sold for $ 225,000. June 1 Sold land for $ 1,510,000. The land cost $ 993,000. July 1 Purchased equipment for $ 1,093,000. Dec. 31 Retired equipment that cost $ 698,000 when purchased on December 31, 2013. No salvage value was received.

At December 31, 2022, Concord Corporation reported the following plant assets. Land $ 3,640,000 Buildings $ 28,180,000 Less: Accumulated depreciation-buildings 12,681,000 15,499,000 Equipment 48,740,000 Less: Accumulated depreciation-equipment 6,092,500 42,647,500 Total plant assets $ 61,786,500 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $ 2,170,000. Мay 1 Sold equipment that cost $ 750,000 when purchased on January 1, 2016. The equipment was sold for $ 225,000. June 1 Sold land for $ 1,510,000. The land cost $ 993,000. July 1 Purchased equipment for $ 1,093,000. Dec. 31 Retired equipment that cost $ 698,000 when purchased on December 31, 2013. No salvage value was received.

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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