Please dont provide solution image based thanx Record adjusting entries for depreciation for 2018. (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 "NoEntry" for the account titles and enter 0 for the amounts.)Account Titles and ExplanationDate(To record building depreciation)(To record equipment depreciation)DebitCredit At December 31, 2017, Grand Company reported the following as plant assets.$ 3,980,000LandBuildingsLess: Accumulated depreciation-buildings$28,210,00013,200,000 15,010,00048,670,000EquipmentLess: Accumulated depreciation-equipment 4,980,000 43,690,000Total plant assets$62,680,000During 2018, the following selected cash transactions occurred.April 1 Purchased land for $2,200,000.May 1June 1July 1Dec. 31Sold equipment that cost $840,000 when purchased on January 1, 2014. The equipment was sold for $504,000.Sold land purchased on June 1, 2008 for $1,450,000. The land cost $399,000.Purchased equipment for $2,480,000.Retired equipment that cost $491,000 when purchased on December 31, 2008. The company received no proceeds related to salvage.

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Description: Please dont provide solution image based thanx Record adjusting entries for depreciation for 2018. (Credit account titles are automatically indented when amount is entered.Do not indent manually. Record journal entries in the order presented in the p

Answer:- Depreciation is basically charged on the fixed asset over the useful life of an asset.…

Business

Accounting

At December 31, 2017, Grand Company reported the following as plant assets. $ 3,980,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets During 2018, 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, 2014. The equipment was sold for $504,000. June 1 Sold land purchased on June 1, 2008 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, 2008. The company received no proceeds related to salvage. $28,210,000 13,200,000 15,010,000 48,670,000 4,980,000 43,690,000 $62,680,000

At December 31, 2017, Grand Company reported the following as plant assets. $ 3,980,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets During 2018, 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, 2014. The equipment was sold for $504,000. June 1 Sold land purchased on June 1, 2008 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, 2008. The company received no proceeds related to salvage. $28,210,000 13,200,000 15,010,000 48,670,000 4,980,000 43,690,000 $62,680,000

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter12: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12.22MCE

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At December 31, 2022, Cheyenne Corporation reported the following plant assets. Land $ 3,933,000 Buildings $26,550,000 Less: Accumulated depreciation—buildings 15,633,675 10,916,325 Equipment 52,440,000 Less: Accumulated depreciation—equipment 6,555,000 45,885,000 Total plant assets $60,734,325 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,884,200. May 1 Sold equipment that cost $786,600 when purchased on January 1, 2016. The equipment was sold for $222,870. June 1 Sold land for $2,097,600. The land cost $1,311,000. July 1 Purchased equipment for $1,442,100. Dec. 31 Retired equipment that cost $917,700 when purchased on December 31, 2013. No salvage value was received. Journalize the transactions. Cheyenne uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no…
At December 31, 2022, Concord Corporation reported the following plant assets. Land $ 3,640,000 Buildings $ 28,180,000 Less: Accumulated depreciation-buildings 12,681,000 15,499,000 Equipment 48,740,000 Less: Accumulated depreciation-equipment 6,092,500 42,647,500 Total plant assets $61,786,500 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $ 2,170,000. Мay 1 Sold equipment that cost $ 750,000 when purchased on January 1, 2016. The equipment was sold for $ 225,000. June 1 Sold land for $ 1,510,000. The land cost $ 993,000. July 1 Purchased equipment for $ 1,093,000. Dec. 31 Retired equipment that cost $ 698,000 when purchased on December 31, 2013. No salvage value was received.
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At December 31, 2022, Whispering Winds Company reported the following as plant assets. Land- $3,500,000 Buildings- $27,000,000 Less: Accumulated deprecation- buildings 10,000,000 17,000,000 Equipment 47,000,000 Less: Accumulated depreciation- equipment 4,500,000 42,500,000 Total plant assets $63,000,000 During 2023, the following selected cash transactions occurred. April 1- Purchased land for $2,000,000 May 1- Sold equipment that cost $600,000 when purchased on January 1, 2019. The equipment was sold for $360,000. June 1- Sold land purchased on June 1, 2013 for $1,410,000. The land costs $391,000. July 1- Purchased equipment for $2,300,000. Dec. 31- Retired equipment that cost $471,000 when purchased on December 31, 2013. A.) Journalize the above transactions. The company uses straight-line deprecation for buildings and equipment. The buildings are estimated to have 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value.…
At December 31, 2022, Pronghorn Corporation reported the following plant assets. Land $ 3,498,000 Buildings $26,630,000 Less: Accumulated depreciation—buildings 13,904,550 12,725,450 Equipment 46,640,000 Less: Accumulated depreciation—equipment 5,830,000 40,810,000 Total plant assets $57,033,450 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,565,200 May 1 Sold equipment that cost $699,600 when purchased on January 1, 2016. The equipment was sold for $198,220. June 1 Sold land for $1,865,600. The land cost $1,166,000. July 1 Purchased equipment for $1,282,600. December 31 Retired equipment that cost $816,200 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,…
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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…
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