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ment Accumulated depreciation-equipment plant assets 60,640,000 7.580,000 53,060,000 $66,049,700

ment Accumulated depreciation-equipment plant assets 60,640,000 7.580,000 53,060,000 $66,049,700

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, 2022, Blue Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,335.200. May 1 June 1 July Dec. 31 (a) Bal. $ $26,520,000 18,078,300 60,640,000 7,580,000 Cash $4,548,000 Sald equipment that cost $909,600 when purchased on January 1, 2016. The equipment was sold for $257,720. Sold land for $2,425,600. The land cost $1,516,000. eTextbook and Media 8,441,700 Purchased equipment for $1,667,600. Retired equipment that cost $1,061,200 when purchased on December 31, 2013. No salvage value was received. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2022, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 53,060,000 $66,049,700 Land Buildings Assets Accum. Depr.-E
Transcribed Image Text:At December 31, 2022, Blue Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,335.200. May 1 June 1 July Dec. 31 (a) Bal. $ $26,520,000 18,078,300 60,640,000 7,580,000 Cash $4,548,000 Sald equipment that cost $909,600 when purchased on January 1, 2016. The equipment was sold for $257,720. Sold land for $2,425,600. The land cost $1,516,000. eTextbook and Media 8,441,700 Purchased equipment for $1,667,600. Retired equipment that cost $1,061,200 when purchased on December 31, 2013. No salvage value was received. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2022, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 53,060,000 $66,049,700 Land Buildings Assets Accum. Depr.-E
Prepare a tabular summary that includes the plant asset accounts and balances shown on (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) ts Accum. Depr.-Bldgs. eTextbook and Media Common Stock eTextbook and Media of Accounts Revenue Equipment Stockholders' Equity Accum. Depr.- Equip. Retained Earnings Expense Dividend $ Liabilities
Transcribed Image Text:Prepare a tabular summary that includes the plant asset accounts and balances shown on (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) ts Accum. Depr.-Bldgs. eTextbook and Media Common Stock eTextbook and Media of Accounts Revenue Equipment Stockholders' Equity Accum. Depr.- Equip. Retained Earnings Expense Dividend $ Liabilities
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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