At December 31, 2022, Swifty Company reported the following as plant assets. $ 3,980,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets During 2023, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 9 Date $28,210,000 13,200,000 48,670,000 4,980,000 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 for the amounts) Account Titles and Explanation (To record building depreciation) Purchased land for $2,200,000. Sold equipment that cost $840,000 when purchased on January 1, 2019. The equipment was sold for $504, Sold land purchased on June 1, 2013 for $1,450,000. The land cost $399,000. Purchased equipment for $2,480,000. Retired equipment that cost $491,000 when purchased on December 31, 2013. (To record equipment deprecition) eTextbook and Media List of Accounts 15,010,000 43,690,000 $62,680,000 Swifty Company Balance Sheet (Partial) Debit Credit Attempts: 0 of 5 used Submit Anver Prepare the plant assets section of Swifty's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment)
At December 31, 2022, Swifty Company reported the following as plant assets. $ 3,980,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets During 2023, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 9 Date $28,210,000 13,200,000 48,670,000 4,980,000 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 for the amounts) Account Titles and Explanation (To record building depreciation) Purchased land for $2,200,000. Sold equipment that cost $840,000 when purchased on January 1, 2019. The equipment was sold for $504, Sold land purchased on June 1, 2013 for $1,450,000. The land cost $399,000. Purchased equipment for $2,480,000. Retired equipment that cost $491,000 when purchased on December 31, 2013. (To record equipment deprecition) eTextbook and Media List of Accounts 15,010,000 43,690,000 $62,680,000 Swifty Company Balance Sheet (Partial) Debit Credit Attempts: 0 of 5 used Submit Anver Prepare the plant assets section of Swifty's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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subject-Accounting
Transcribed Image Text:At December 31, 2022, Swifty Company reported the following as plant assets.
$ 3,980,000
Land
Buildings
Less: Accumulated depreciation-buildings
Equipment
Less: Accumulated depreciation-equipment
Total plant assets
April 1
May 1
June 1
July 1
Dec. 31
During 2023, the following selected cash transactions occurred.
Purchased land for $2.200,000.
Sold equipment that cost $840,000 when purchased on January 1, 2019. The equipment was sold for $504,000.
Sold land purchased on June 1, 2013 for $1,450,000. The land cost $399,000.
Purchased equipment for $2,480,000.
Retired equipment that cost $491,000 when purchased on December 31, 2013.
9
Date
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)
Account Titles and Explanation
(To record building depreciation)
Save for Later
$28,210,000
13,200,000
48,670,000
4,980,000
(To record equipment deprecition)
eTextbook and Media
List of Accounts
15,010,000
43,690,000
$62,680,000
Swifty Company
Balance Sheet (Partial)
Debit
Attempts: 0 of 5 used Submit Answer
Prepare the plant assets section of Swifty's balance sheet at December 31, 2023. (List Plant Assets in order
Equipment.)
Credit
n order of Land, Buildings and
$
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