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 31 V c. 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 665250 5,249,050 Credit 665250 5,249,050

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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(b)
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
Your answer is partially correct.
c. 31 V
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
665250
5,249,050
Credit
665250
5,249,050
Transcribed Image Text:(b) 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 Your answer is partially correct. c. 31 V 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 665250 5,249,050 Credit 665250 5,249,050
Current Attempt in Progress
At December 31, 2025, Novak Corporation reported the following plant assets.
Land
Buildings
Less: Accumulated depreciation-buildings
Equipment
Less: Accumulated depreciation-equipment
Total plant assets
$26,610,000
11.974,500
Apr. 1
May 1
June 1
42,640,000
5,330,000
During 2026, the following selected cash transactions occurred.
$3,198,000
14,635,500
37,310,000
$55,143,500
Purchased land for $2,345,200.
Sold equipment that cost $639,600 when purchased on January 1, 2019. The equipment was sold for $181,220.
Sold land for $1,705,600. The land cost $1,066,000.
July 1
Purchased equipment for $1,172,600.
Dec. 31 Retired equipment that cost $746,200 when purchased on December 31, 2016. No salvage value was received.
Transcribed Image Text:Current Attempt in Progress At December 31, 2025, Novak Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,610,000 11.974,500 Apr. 1 May 1 June 1 42,640,000 5,330,000 During 2026, the following selected cash transactions occurred. $3,198,000 14,635,500 37,310,000 $55,143,500 Purchased land for $2,345,200. Sold equipment that cost $639,600 when purchased on January 1, 2019. The equipment was sold for $181,220. Sold land for $1,705,600. The land cost $1,066,000. July 1 Purchased equipment for $1,172,600. Dec. 31 Retired equipment that cost $746,200 when purchased on December 31, 2016. No salvage value was received.
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