**Journalize the transactions.** *(Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.)* Concord 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. *(Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)* ### Concord Corporation Plant Assets as of December 31, 2022- **Land**: $3,640,000- **Buildings**: $28,180,000 - Less: Accumulated Depreciation (Buildings): $12,681,000 - Net Book Value (Buildings): $15,499,000- **Equipment**: $48,740,000 - Less: Accumulated Depreciation (Equipment): $6,092,500 - Net Book Value (Equipment): $42,647,500- **Total Plant Assets**: $61,786,500### Selected Cash Transactions for 2023- **April 1**: Purchased land for $2,170,000.- **May 1**: Sold equipment that originally cost $750,000 (purchased on January 1, 2016) for $225,000.- **June 1**: Sold land for $1,510,000. The original cost of the land was $993,000.- **July 1**: Purchased equipment for $1,093,000.- **December 31**: Retired equipment that originally cost $698,000 (purchased on December 31, 2013) with no salvage value received.

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Description: **Journalize the transactions.** *(Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.)* Concord uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-yea

Depreciation refers to a permanent and gradual decrease in the worth of assets due to the following reasons: (i) Wear and Tear (ii) Passage of Time (iii) Technological advancements (iv) AccidentsJournal Entry Date Account Title Dr ($) Cr ($) 1-Apr Land 2,170,000 To Cash 2,170,000 (To record the purchase of land) 1-May Depreciation - Equipment (75,000 × 4 /12) 25,000 To Accumulate Depreciation - Equipment 25,000 (To record the depreciation on equipment for 4 months) 1-May Cash 225,000 Accumulate Depreciation - Equipment (75,000 × 7 + 25,000) 550,000 To Equipment 750,000 To Gain on sale of equipment 25,000 (To record the sales of equipment) 1-Jun Cash 1,510,000 To Land 993,000 To Gain on Sale of Land 517,000 (To record the sale of Land) 1-Jul Equipment 1,093,000 To Cash 1,093,000 (To record the purchase of equipment) 31-Dec Depreciation - Equipment ($698,000 / 10) 69,800 To Accumulate Depreciation - Equipment 69,800 (To record the depreciation on equipment for 1 year) 31-Dec Accumulate Depreciation - Equipment 698,000 To Equipment 698,000 (To record the retirement of equipment and no salvage value received)

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Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) Concord 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. (Credit account titles are automatically indented when amount is entered. Do

Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) Concord 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. (Credit account titles are automatically indented when amount is entered. Do

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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