At December 31, 2022, Culver Corporation reported the following plant assets. Apr. May June July Dec. Land During 2023, the following selected cash transactions occurred. (a) Buildings Less: Accumulated depreciation-buildings Equipment. Less: Accumulated depreciation-equipment Total plant assets 1 1 1 $26,690,000 15,097,050 50,640,000 6,330,000 $ 3,798,000 11,592,950 44,310,000 $59,700,950 Purchased land for $2,785.200. Sold equipment that cost $759.600 when purchased on January 1, 2016. The equipment was sold for $215,220. Sold land for $2.025,600. The land cost $1,266,000. Purchased equipment for $1.392,600. 31 Retired equipment that cost $886,200 when purchased on December 31, 2013. No salvage value was received. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2022, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset. Liability or Equity item that was reduced.)

At December 31, 2022, Culver Corporation reported the following plant assets. Apr. May June July Dec. Land During 2023, the following selected cash transactions occurred. (a) Buildings Less: Accumulated depreciation-buildings Equipment. Less: Accumulated depreciation-equipment Total plant assets 1 1 1 $26,690,000 15,097,050 50,640,000 6,330,000 $ 3,798,000 11,592,950 44,310,000 $59,700,950 Purchased land for $2,785.200. Sold equipment that cost $759.600 when purchased on January 1, 2016. The equipment was sold for $215,220. Sold land for $2.025,600. The land cost $1,266,000. Purchased equipment for $1.392,600. 31 Retired equipment that cost $886,200 when purchased on December 31, 2013. No salvage value was received. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2022, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset. Liability or Equity item that was reduced.)

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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The property, plant, and equipment section of the Jasper Company's December 31, 2023, balance sheet contained the following: Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment Machine 101 102 103 Cost $ 48,400 79,000 20,000 Date Acquired 1/1/2021 6/30/2022 9/1/2023 $ 780,000 (150,000) 147,400 Residual Value $ 6,000 7,000 2,000 ? The land and building were purchased at the beginning of 2019. Straight-line depreciation is used and a residual value of $30,000 for the building is anticipated. The equipment is comprised of the following three machines: $ 110,000 Life (in Years) 8 9 8 630,000 ? ? The straight-line method is used to determine depreciation on the equipment. On March 31, 2024, Machine 102 was sold for $54,000. Early in 2024, the useful life of machine 101 was revised to five years in total, and the residual value was revised to zero. Required: 1. Calculate the accumulated…
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Disposition of Assets: Journalizing Mitchell Parts Co. had the following plant asset transactions during the year: 1. Assets discarded or sold: Motor #12, which had a cost of $2,800 and accumulated depreciation of Jan. 1 $2,800, was discarded. Motor #8, which had a cost of $4,400 and accumulated depreciation of $4,000, 8 was sold for $200. Motor #16, which had a cost of $5,600 and accumulated depreciation of 14 $5,400, was sold for $450. 2. Assets exchanged or traded in: Feb. 1 Motor #6, which had a cost of $6,000 and accumulated depreciation of $4,800, was traded in for a new motor (#22) with a fair market value of $7,000. The old motor and $5,600 in cash were given for the new motor. ° Motor #9, which had a cost of $5,500 and accumulated depreciation of $5,000, was traded in for a new motor (#23) with a fair market value of $6,500. The old motor and $6,200 in cash were given for the new motor. Required: Prepare general journal entries for the transactions. Page: 1 DOC. POST NO. REF.…