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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step.
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
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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