At December 31, 2025, Martinez Corporation reported the following plant assets.LandBuildingsLess: Accumulated depreciation-buildingsEquipmentLess: Accumulated depreciation-equipmentTotal plant assetsApr. 1 Purchased land for $2,774.200.MayJune 1July 1Dec. 31$26,590,00011.965,500150,440,000During 2026, the following selected cash transactions occurred.6,305,000$ 3,783,00014,624,50044,135.000$62,542,500Sold equipment that cost $756,600 when purchased on January 1, 2019. The equipment was sold for $214,370.Sold land for $2,017,600. The land cost $1.261.000.Purchased equipment for $1,387,100.Retired equipment that cost $882.700 when purchased on December 31, 2016. No salvage value was received. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2026 transactions.)Martinez uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life andno salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assetsdisposed of at the time of sale or retirement. (List all debit entries before credit entries. Record entries in the order displayed in theproblem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts.)Date0Account Titles and Explanation(To record depreciation on equipment sold)IDebitCredit

Property, plant, and equipment refers to those assets that are long-term in nature and are used by…

At December 31, 2025, Martinez Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,590,000 Apr. May June 1 July 1 Dec. 31 11.965,500 During 2026, the following selected cash transactions occurred. 1 50,440,000 6,305,000 $3,783,000 14,624,500 44,135.000 1 Purchased land for $2,774,200. Sold equipment that cost $756,600 when purchased on January 1, 2019. The equipment was sold for $214,370. Sold land for $2,017,600. The land cost $1.261.000. Purchased equipment for $1,387,100. Retired equipment that cost $882.700 when purchased on December 31, 2016. No salvage value was received. $62,542,500

At December 31, 2025, Martinez Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,590,000 Apr. May June 1 July 1 Dec. 31 11.965,500 During 2026, the following selected cash transactions occurred. 1 50,440,000 6,305,000 $3,783,000 14,624,500 44,135.000 1 Purchased land for $2,774,200. Sold equipment that cost $756,600 when purchased on January 1, 2019. The equipment was sold for $214,370. Sold land for $2,017,600. The land cost $1.261.000. Purchased equipment for $1,387,100. Retired equipment that cost $882.700 when purchased on December 31, 2016. No salvage value was received. $62,542,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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