At December 31, 2025, Blue Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. May June During 2026, the following selected cash transactions occurred. (a) 1 $26,740,000 1 12,033,000 Your Answer Correct Answer (Used) 78,040,000 9,755,000 1 Purchased land for $4,292,200. Sold equipment that cost $1,170,600 when purchased on January 1, 2019. The equipment was sold for $331,670. Sold land for $3,121,600. The land cost $1.951.000. July 1 Purchased equipment for $2.146,100. Dec. 31 Retired equipment that cost $1,365,700 when purchased on December 31, 2016. No salvage value was received. $5,853,000 14,707,000 68,285,000 $88,845,000 Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2026 transactions.) Blue uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful 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. Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
At December 31, 2025, Blue Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. May June During 2026, the following selected cash transactions occurred. (a) 1 $26,740,000 1 12,033,000 Your Answer Correct Answer (Used) 78,040,000 9,755,000 1 Purchased land for $4,292,200. Sold equipment that cost $1,170,600 when purchased on January 1, 2019. The equipment was sold for $331,670. Sold land for $3,121,600. The land cost $1.951.000. July 1 Purchased equipment for $2.146,100. Dec. 31 Retired equipment that cost $1,365,700 when purchased on December 31, 2016. No salvage value was received. $5,853,000 14,707,000 68,285,000 $88,845,000 Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2026 transactions.) Blue uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful 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. Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter8: Investing Activities
Section: Chapter Questions
Problem 1.3AIC: Estimate the average total estimated useful life of depreciable property, plant, and equipment....
Related questions
Question
Please don't provide answer in image format thank you
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning