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At December 31, 2022, Flounder 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 $27.650,000 13,740,000 48,010,000 4,600,000 Dec. 31 $3,590,000 During 2023, the following selected cash transactions occurred. Purchased land for $2,170,000. Sold equipment that cost $1,080,000 when purchased on January 1, 2019. The equipment was sold for $648,000. Sold land purchased on June 1, 2013 for $1.410,000. The land cost $402.000 Purchased equipment for $2.370,000 Retired equipment that cost $503,000 when purchased on December 31, 2013. 13,910,000 43,410,000 $60,910,000

At December 31, 2022, Flounder 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 $27.650,000 13,740,000 48,010,000 4,600,000 Dec. 31 $3,590,000 During 2023, the following selected cash transactions occurred. Purchased land for $2,170,000. Sold equipment that cost $1,080,000 when purchased on January 1, 2019. The equipment was sold for $648,000. Sold land purchased on June 1, 2013 for $1.410,000. The land cost $402.000 Purchased equipment for $2.370,000 Retired equipment that cost $503,000 when purchased on December 31, 2013. 13,910,000 43,410,000 $60,910,000

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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At December 31, 2022, Flounder 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 During 2023, the following selected cash transactions occurred. June 1 July 1 Dec. 31 Show Transcribed Text Date Apr. 1 * May 1 V 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 salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not Indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation May 1 Land Cash Purchased land for $2,170,000. Sold equipment that cost $1,080,000 when purchased on January 1, 2019. The equipment was sold for $648,000. Sold land purchased on June 1, 2013 for $1.410.000. The land cost $402.000. Purchased equipment for $2.370,000. Retired equipment that cost $503,000 when purchased on December 31, 2013. Depreciation Expense Accumulated Depreciation Equipment $27,650,000 (To record depreciation) Accumulated Depreciation Equipment 13,740,000 48,010,000 4,600,000 Cash Equipment $3,590,000 13,910,000 43,410,000 $60,910,000 Debit 2,170,000 36.000 Credit 2.170.000 36.000
Transcribed Image Text:At December 31, 2022, Flounder 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 During 2023, the following selected cash transactions occurred. June 1 July 1 Dec. 31 Show Transcribed Text Date Apr. 1 * May 1 V 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 salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not Indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation May 1 Land Cash Purchased land for $2,170,000. Sold equipment that cost $1,080,000 when purchased on January 1, 2019. The equipment was sold for $648,000. Sold land purchased on June 1, 2013 for $1.410.000. The land cost $402.000. Purchased equipment for $2.370,000. Retired equipment that cost $503,000 when purchased on December 31, 2013. Depreciation Expense Accumulated Depreciation Equipment $27,650,000 (To record depreciation) Accumulated Depreciation Equipment 13,740,000 48,010,000 4,600,000 Cash Equipment $3,590,000 13,910,000 43,410,000 $60,910,000 Debit 2,170,000 36.000 Credit 2.170.000 36.000
Record adjusting entries for depreciation for 2023. (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation (To record building depreciation) (To record equipment deprecition) Show Transcribed Text Debit Flounder Company Balance Sheet (Partial) Prepare the plant assets section of Flounder's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment) 101 Credit $
Transcribed Image Text:Record adjusting entries for depreciation for 2023. (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation (To record building depreciation) (To record equipment deprecition) Show Transcribed Text Debit Flounder Company Balance Sheet (Partial) Prepare the plant assets section of Flounder's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment) 101 Credit $
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