Please do not give image format At December 31, 2022, Blossom Company reported the following plant assets.LandBuildingsLess: Accumulated depreciation-buildings.EquipmentLess: Accumulated depreciation-equipmentTotal plant assets -Apr. 1May 1June 1July 1Dec. 31Show Transcribed TextDuring 2023, the following selected cash transactions occurred.Dec. 31Dec. 31TDate t Account Titles and ExplanationDepreciation Expense$28,360,000Accumulated Depreciation-Buildings(To record building depreciation)Depreciation Expense12,762,000Purchased land for $2,000,000.Sold equipment that cost $780,000 when purchased on January 1, 2016. The equipment was sold for $234,000.Sold land for $1,410,000. The land cost $992,000.Purchased equipment for $1,092,000.Retired equipment that cost $702,000 when purchased on December 31, 2013. No salvage value was received.48,670,0006,083,750(To record equipment depreciation)Accumulated Depreciation-Equipment$4,080,00015,598,00042,586,250$62,264,250DebitCredit Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do notindent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts)DateDec. 31Dec. 31DateAccount Titles and ExplanationDec. 31Depreciation ExpenseDec. 31Accumulated Depreciation-Buildings(To record building depreciation)Depreciation ExpenseShow Transcribed TextAccumulated Depreciation-Equipment(To record equipment depreciation)Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do notindent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts.)Account Titles and ExplanationDepreciation ExpenseAccumulated Depreciation-Buildings(To record building depreciation)Depreciation ExpenseAccumulated Depreciation-Equipmentg(To record equipment depreciation),ĆDebitCreditDebitCredit

The business organizations enter the transactions into the journal for the purpose of keeping track…

At December 31, 2022, Blossom Company reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings. Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. 1 May 1 June 1 July 1 Dec. 31 During 2023, the following selected cash transactions occurred. Show Transcribed Text Date t Dec. 31 Dec. 31 T Depreciation Expense $28,360,000 Account Titles and Explanation Accumulated Depreciation-Buildings (To record building depreciation) Depreciation Expense 12,762,000 Purchased land for $2,000,000. Sold equipment that cost $780,000 when purchased on January 1, 2016. The equipment was sold for $234,000. Sold land for $1,410,000. The land cost $992,000. Purchased equipment for $1,092,000. Retired equipment that cost $702,000 when purchased on December 31, 2013. No salvage value was received. 48,670,000 6,083,750 (To record equipment depreciation) Accumulated Depreciation-Equipment $4,080,000 3 15,598,000 42,586,250 $62,264,250 Debit [[|] Credit

At December 31, 2022, Blossom Company reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings. Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. 1 May 1 June 1 July 1 Dec. 31 During 2023, the following selected cash transactions occurred. Show Transcribed Text Date t Dec. 31 Dec. 31 T Depreciation Expense $28,360,000 Account Titles and Explanation Accumulated Depreciation-Buildings (To record building depreciation) Depreciation Expense 12,762,000 Purchased land for $2,000,000. Sold equipment that cost $780,000 when purchased on January 1, 2016. The equipment was sold for $234,000. Sold land for $1,410,000. The land cost $992,000. Purchased equipment for $1,092,000. Retired equipment that cost $702,000 when purchased on December 31, 2013. No salvage value was received. 48,670,000 6,083,750 (To record equipment depreciation) Accumulated Depreciation-Equipment $4,080,000 3 15,598,000 42,586,250 $62,264,250 Debit [[|] Credit

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.6: Buying Intangible Assets And Calculating Amortization Expense

Problem 1OYO

See similar textbooks

Similar questions

Estimate the average total estimated useful life of depreciable property, plant, and equipment. Starbucks reports 580.6 million of depreciation and amortization in the statement of cash flows, of which 4.5 million relates to amortization of limited-life intangible assets. Does the estimate reconcile with stated accounting policy on useful lives for property, plant, and equipment? Explain.
At December 31, 2022, Flounder Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets April 1 May 1 June 1 $27,650,000 13,740,000 During 2023, the following selected cash transactions occurred. July 1 Dec. 31 48,010,000 4,600,000 $3,590,000 13,910,000 43,410,000 $60,910,000 Purchased land for $2,170,000. Sold equipment that cost $1,080,000 when purchased on January 1, 2019. The equipment was sold for $648,000. Sold land purchased on June 1, 2013 for $1,410,000. The land cost $402,000. Purchased equipment for $2,370,000. Retired equipment that cost $503,000 when purchased on December 31, 2013.
P10.5A Journalise a series of equipment transactions related to purchase, sale, retirement, and depreciation At December 31, 2021. Grand Regency Limited reported the following as Non-current tangible assets: 4,000,000 16,400,000 June 11 July 1 Dec. 31 Land Buildings Less: Accumulated depreciation - buildings Equipment Less: Accumulated depreciation - equipment Total plant assets During 2022, the following selected cash transactions occurred. April 1 Purchased land for R2,130,000. May 1 (b) (c) (d) 28,500,000 12,100,000 48,000,000 5,000,000 Required: (a) 43,000,000 £63,400,000 Sold equipment that cost R750,000 when purchased on January 1, 2018. The equipment was sold for R450,000. Sold land purchased on June 1, 2012 for R1,500,000. The land cost R400,000. Purchased equipment for R2,500,000. Retired equipment that cost R500,000 when purchased on December 31, 2012. No salvage value was received. Prepare general journal entries the above transactions. The company uses straight-line…
The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation. Furniture Depreciation Participations Total fixed assets. Goods Goods in pledge Customers Downpayment to suppliers Prepaid expenses Available Funds Circulating Assets Total assets 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 95.000 -72.000 85.000 313.000 60.000 20.000 30.000 20.000 20.000 107.000 257.000 570.000 31/12/2022 Liabilities Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total Foreign Capitals Long term Loan Bills payable Suppliers Loan with pledged goods Customers' downpayments Expenses payables Prepaid revenues Total Predictions Total liabilities 31/12/2021 180.000 60.000 20.000 -30.000 230.000 120.000 40.000 50.000 14.000 20.000 30.000 20.000 294.000 46.000 570.000 During the use of 2022, the following transactions took place. Sale of goods with value EUR 80,000 and cost EUR 35,000, 80% of them paid by cash and the rest with…
At December 31, 2022, Swifty Company reported the following as plant assets. Land $ 3,980,000 Buildings $28,210,000 Less: Accumulated depreciation—buildings 13,200,000 15,010,000 Equipment 48,670,000 Less: Accumulated depreciation—equipment 4,980,000 43,690,000 Total plant assets $62,680,000 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,200,000. May 1 Sold equipment that cost $840,000 when purchased on January 1, 2019. The equipment was sold for $504,000. June 1 Sold land purchased on June 1, 2013 for $1,450,000. The land cost $399,000. July 1 Purchased equipment for $2,480,000. Dec. 31 Retired equipment that cost $491,000 when purchased on December 31, 2013. 1. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is…
At December 31, 2017, Arnold Corporation reported the following plant assets. Land $3,000,000 14,575,000 Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets $26,500,000 11,925,000 June 1 July 1 Dec. 31 40,000,000 5,000,000 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,200,000. May 1 35,000,000 $52,575,000 Sold equipment that cost $600,000 when purchased on January 1, 2011. The equipment was sold for $170,000. Sold land for $1,600,000. The land cost $1,000,000. Purchased equipment for $1,100,000. Retired equipment that cost $700,000 when purchased on December 31, 2008. No salvage value was received. Instructions (a) Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2018 transactions.) Arnold uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and…
Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 1. Cash received from the sale of equipment 2. Depreciation expense 3. Purchase of equipment $ 180,000 (100,000) $ 80,000 $ $ 380,000 (100,000) $ 280,000 During 2021, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021? 2020 37,000 $ 270,000 (210,000) $ 60,000 $ 400,000 (285,000) $ 115,000
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2023: Plant Asset Accumulated Depreciation $ 335,000 175,500 1,470,000 1,128,000 147,000 Land Land improvements Building Equipment Automobiles Transactions during 2024 were as follows: a. On January 2, 2024, equipment were purchased at a total invoice cost of $245,000, which included a $5,200 charge for freight. Installation costs of $24,000 were incurred in addition to the invoice cost. b. On March 31, 2024, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $22,000. The fair value of the building on the day of the donation was $15,400. c. On May 1, 2024, expenditures of $47,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On…
Given the following account balances at year-end, compute the total intangible assets on the balance sheet of Oriole Company. Cash $1330000 Accounts Receivable 1140000 Trademarks 1350000 Goodwill 2690000 Research & Development Costs 2190000
At December 31, 2027, Flint Corporation reported the following plant assets. Land $4,068,000 Buildings $26,700,000 Less: Accumulated depreciation-buildings 16,170,300 10,529,700 Equipment 54,240,000 Less: Accumulated depreciation-equipment 6,780,000 47,460,000 Total plant assets $62,057,700 During 2028, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,983,200. May 1 Sold equipment that cost $813,600 when purchased on January 1, 2021. The equipment was so June 1 Sold land for $2,169,600. The land cost $1,356,000. July 1 Purchased equipment for $1,491,600. Dec. 31 Retired equipment that cost $949,200 when purchased on December 31, 2018. No salvage val (a) Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2 · Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. -Increases in expenses and losses require a negative sign or parentheses. Increases in Accumulated…
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2023: Plant Asset Accumulated Depreciation $ 480,000 245,000 2,150,000 1,184,000 215,000 Land Land improvements Building Equipment Automobiles Transactions during 2024 were as follows: a. On January 2, 2024, equipment was purchased at a total invoice cost of $325,000, which included a $6,800 charge for freight Installation costs of $40,000 were incurred in addition to the invoice cost. b. On March 31, 2024, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $32,000. The fair value of the building on the day of the donation was $21,000. c. On May 1, 2024, expenditures of $63,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On…
The following trial balance was extracted from the ledger of Juliana at 31 December 2020. Juliana Trial Balance as at 31 December 2020 RM RMLand at cost 26,000Plant at cost 83,000 Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases…