At December 31, 2022, Flounder Company reported the following as plant assets.LandBuildingsLess: Accumulated depreciation-buildingsEquipmentLess: Accumulated depreciation-equipmentTotal plant assetsApril 1May 1June 1$27,650,00013,740,000During 2023, the following selected cash transactions occurred.July 1Dec. 3148,010,0004,600,000$3,590,00013,910,00043,410,000$60,910,000Purchased 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. Record adjusting entries for depreciation for 2023. (List all debit entries before credit entries. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts.)DateDec. 31Dec. 31LandBuildingsAccount Titles and ExplanationLessDepletion ExpenseEquipmentAccumulated Depreciation-Buildings(To record building depreciation)Property Plant and EquipmentDepletion ExpenseAccumulated Depreciation-Equipment(To record equipment deprecition)Prepare the plant assets section of Flounder's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings andEquipment.)Accumulated Depreciation-BuildingsLess V: Accumulated Depreciation-EquipmentTotal Property Plant and Equipment10 00Flounder CompanyBalance Sheet (Partial)December 31, 2023DebitLALOCO27650000CredittA

A partial balance sheet, as opposed to a full balance sheet, provides a reduced snapshot of a…

Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $3,590,000 $27,650,000 13,740,000 13,910,000 48,010,000 4,600,000 43,410,000 $60,910,000

Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $3,590,000 $27,650,000 13,740,000 13,910,000 48,010,000 4,600,000 43,410,000 $60,910,000

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter8: Investing Activities

Section: Chapter Questions

Problem 1.3AIC: Estimate the average total estimated useful life of depreciable property, plant, and equipment....

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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…
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…
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.
At December 31, 2022, Blue Corporation reported the following plant assets. Land $ 5,853,000 Buildings $26,740,000 Less: Accumulated depreciation—buildings 23,265,675 3,474,325 Equipment 78,040,000 Less: Accumulated depreciation—equipment 9,755,000 68,285,000 Total plant assets $77,612,325 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $4,292,200. May 1 Sold equipment that cost $1,170,600 when purchased on January 1, 2016. The equipment was sold for $331,670. June 1 Sold land for $3,121,600. The land cost $1,951,000. July 1 Purchased equipment for $2,146,100. Dec. 31 Retired equipment that cost $1,365,700 when purchased on December 31, 2013. No salvage value was received. (a) Journalize the transactions. Blue uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year…
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, 2022, Swifty Company reported the following as plant assets. Land $ 4,080,000 Buildings $28,360,000 Less: Accumulated depreciation—buildings 12,210,000 16,150,000 Equipment 48,670,000 Less: Accumulated depreciation—equipment 5,160,000 43,510,000 Total plant assets $63,740,000 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,000,000. May 1 Sold equipment that cost $780,000 when purchased on January 1, 2019. The equipment was sold for $468,000. June 1 Sold land purchased on June 1, 2013 for $1,410,000. The land cost $392,000. July 1 Purchased equipment for $2,430,000. Dec. 31 Retired equipment that cost $502,000 when purchased on December 31, 2013. 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, 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, 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.…
t December 31, 2020, Grand Company reported the following as plant assets.Land $ 4,000,000Buildings $28,500,000Less: Accumulated depreciation—buildings 12,100,000 16,400,000Equipment 48,000,000Less: Accumulated depreciation—equipment 5,000,000 43,000,000 Total plant assets $63,400,000During 2021, the following selected cash transactions occurred.April 1 Purchased land for $2,130,000.May 1 Sold equipment that cost $750,000 when purchased on January 1, 2017. The equipment was sold for $450,000.June 1 Sold land purchased on June 1, 2011 for $1,500,000. The land cost $400,000.July 1 Purchased equipment for $2,500,000.Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2011. The company received no proceeds related to salvage.Instructions c. Prepare the plant assets section of Grand’s balance sheet at December 31, 2021.
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,…
At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000 Buildings $27,290,000 Less: Accumulated depreciation—buildings 12,170,000 15,120,000 Equipment 48,020,000 Less: Accumulated depreciation—equipment 4,550,000 43,470,000 Total plant assets $62,360,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. May 1 Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000. June 1 Sold land purchased on June 1, 2011 for $1,540,000. The land cost $394,000. July 1 Purchased equipment for $2,530,000. Dec. 31 Retired equipment that cost $491,000 when purchased on December 31, 2011. The company received no proceeds related to salvage.
At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000 Buildings $27,290,000 Less: Accumulated depreciation—buildings 12,170,000 15,120,000 Equipment 48,020,000 Less: Accumulated depreciation—equipment 4,550,000 43,470,000 Total plant assets $62,360,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. May 1 Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000. June 1 Sold land purchased on June 1, 2011 for $1,540,000. The land cost $394,000. July 1 Purchased equipment for $2,530,000. Dec. 31 Retired equipment that cost $491,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. C) Prepare the plant assets section of Flint’s balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.)