At December 31, 2025, Cheyenne Corporation reported the following plant assets. $3,933,000 Land Buildings $26.550,000 Less: Accumulated depreciation-buildings 11,947.500 14,602,500 Equipment 52,440,000 Less: Accumulated depreciation-equipment 6,555,000 Total plant assets During 2026, the following selected cash transactions occurred. 1 Purchased land for $2,884,200. 1 Sold equipment that cost $786,600 when purchased on January 1, 2019, The equipment was sold for $222,870. Sold land for $2,097,60 The land cost $1,311,000. Purchased equipment for $1,442,100. Retired equipment that cost $917,700 when purchased on December 31, 2016. No salvage value was received. Apr. May June July 1 Dec. 31 45,885,000 $64,420,500 1
At December 31, 2025, Cheyenne Corporation reported the following plant assets. $3,933,000 Land Buildings $26.550,000 Less: Accumulated depreciation-buildings 11,947.500 14,602,500 Equipment 52,440,000 Less: Accumulated depreciation-equipment 6,555,000 Total plant assets During 2026, the following selected cash transactions occurred. 1 Purchased land for $2,884,200. 1 Sold equipment that cost $786,600 when purchased on January 1, 2019, The equipment was sold for $222,870. Sold land for $2,097,60 The land cost $1,311,000. Purchased equipment for $1,442,100. Retired equipment that cost $917,700 when purchased on December 31, 2016. No salvage value was received. Apr. May June July 1 Dec. 31 45,885,000 $64,420,500 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Do not give image format
Transcribed Image Text:Date
April 1
April 1
May 1
June 1
July 1
Dec 31
V
Account Titles and Explanation
Land
Cash
Depreciation Expense
Accumulated Depreciation Equipment
(To record depreciation on equipment sold)
(To record sale of equipment)
(To record depreciation on equipment retired)
(To record disposal of equipment)
Debit
Credit
Transcribed Image Text:At December 31, 2025, Cheyenne Corporation reported the following plant assets.
Land
$26,550,000
11,947.500
Equipment
52,440,000
Less: Accumulated depreciation-equipment 6,555,000
Total plant assets
Buildings
Less: Accumulated depreciation-buildings
During 2026, the following selected cash transactions occurred.
Apr. 1 Purchased land for $2,884,200.
May
June 1
July 1 Purchased equipment for $1,442,100.
1
$3,933,000
14,602,500
45,885,000
$64,420,500
Sold equipment that cost $786,600 when purchased on January 1, 2019. The equipment was sold for $222,870.
Sold land for $2,097,6d The land cost $1,311,000.
Dec. 31 Retired equipment that cost $917,700 when purchased on December 31, 2016. No salvage value was received.
_
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