At December 31, 2025, Indigo Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,710,000 12,019,500 71,440,000 8,930,000 During 2026, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,929,200. May 1 $5,358,000 June 1 July 1 Purchased equipment for $1,964,600. Dec. 31 14,690,500 62,510,000 $82,558,500 Sold equipment that cost $1,071,600 when purchased on January 1, 2019. The equipment was sold for $303,620. Sold land for $2.857,600. The land cost $1,786,000. Retired equipment that cost $1,250,200 when purchased on December 31, 2016. No salvage value was received.
At December 31, 2025, Indigo Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,710,000 12,019,500 71,440,000 8,930,000 During 2026, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,929,200. May 1 $5,358,000 June 1 July 1 Purchased equipment for $1,964,600. Dec. 31 14,690,500 62,510,000 $82,558,500 Sold equipment that cost $1,071,600 when purchased on January 1, 2019. The equipment was sold for $303,620. Sold land for $2.857,600. The land cost $1,786,000. Retired equipment that cost $1,250,200 when purchased on December 31, 2016. No salvage value was received.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Accumulated Depreciation Buildings
Accumulated Depreciation-Equipment.
Assets,
INDIGO CORPORATION
Partial Balance Sheet
December 31, 2026
26710000
12687250
71082800
15314950
7501200
14022750
55767850
77291800
Transcribed Image Text:At December 31, 2025, Indigo Corporation reported the following plant assets.
Land
Buildings
Less: Accumulated depreciation-buildings
Equipment
Less: Accumulated depreciation-equipment
Total plant assets
During 2026, the following selected cash transactions occurred.
Apr.
May
June
1
1
1.
$26,710,000
12,019,500
71,440,000
8,930,000
July 1
Dec. 31
$5,358,000
14,690,500
62,510,000
$82,558,500
Purchased land for $3,929,200.
Sold equipment that cost $1,071,600 when purchased on January 1, 2019. The equipment was sold for $303,620.
Sold land for $2,857,600. The land cost $1,786,000.
Purchased equipment for $1,964,600.
Retired equipment that cost $1,250,200 when purchased on December 31, 2016. No salvage value was received.
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