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At December 31, 2025, Pina Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets 1 1 During 2026, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,994,200. May June July 1 $26,620,000 11,979,000 Dec. 31 54.440,000 6,805,000 $4,083,000 14,641,000 47,635,000 $66,359,000 Sold equipment that cost $816,600 when purchased on January 1, 2019. The equipment was sold for $231,370 Sold land for $2,177,600. The land cost $1,361,000. Purchased equipment for $1,497,100. Retired equipment that cost $952,700 when purchased on December 31, 2016. No salvare value war

At December 31, 2025, Pina Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets 1 1 During 2026, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,994,200. May June July 1 $26,620,000 11,979,000 Dec. 31 54.440,000 6,805,000 $4,083,000 14,641,000 47,635,000 $66,359,000 Sold equipment that cost $816,600 when purchased on January 1, 2019. The equipment was sold for $231,370 Sold land for $2,177,600. The land cost $1,361,000. Purchased equipment for $1,497,100. Retired equipment that cost $952,700 when purchased on December 31, 2016. No salvare value war

FINANCIAL ACCOUNTING
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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At December 31, 2025, Pina Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. May During 2026, the following selected cash transactions occurred. June 1 1 $26,620,000 11.979,000 1 54.440,000 6,805,000 $4,083,000 14,641,000 47,635,000 $66,359,000 Purchased land for $2,994,200. Sold equipment that cost $816,600 when purchased on January 1, 2019. The equipment was sold for $231,370. Sold land for $2,177,600. The land cost $1,361,000. July 1 Purchased equipment for $1,497,100. Dec. 31 Retired equipment that cost $952,700 when purchased on December 31, 2016. No salvage value was received.
Transcribed Image Text:At December 31, 2025, Pina Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. May During 2026, the following selected cash transactions occurred. June 1 1 $26,620,000 11.979,000 1 54.440,000 6,805,000 $4,083,000 14,641,000 47,635,000 $66,359,000 Purchased land for $2,994,200. Sold equipment that cost $816,600 when purchased on January 1, 2019. The equipment was sold for $231,370. Sold land for $2,177,600. The land cost $1,361,000. July 1 Purchased equipment for $1,497,100. Dec. 31 Retired equipment that cost $952,700 when purchased on December 31, 2016. No salvage value was received.
Record adjusting entries for depreciation for 2026. (List debit entry before credit entry. 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.) Date Dec. 31 Dec. 31 ✓ Account Titles and Explanation Depreciation Expense Accumulated Depreciation-Buildings (To record depreciation on buildings) Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation on equipment) Debit Credit 100 100
Transcribed Image Text:Record adjusting entries for depreciation for 2026. (List debit entry before credit entry. 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.) Date Dec. 31 Dec. 31 ✓ Account Titles and Explanation Depreciation Expense Accumulated Depreciation-Buildings (To record depreciation on buildings) Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation on equipment) Debit Credit 100 100
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