6-50A (alt3) Taylor Corporation reported the following related to property and equipment (all in millions): (Click the icon to view the data.) Read the requirements Requirement 1. T-accounts for Property and Equipment and Accumulated Depreciation have been opened for you. Enter information as presented and solve for the unknown in each account (Hint Recall the types of transactions that make each of the two accounts increase and decrease. You are solving for the cost of Property and Equipment sold and the Accumulated Depreciation on those assets.) (Enter amounts in millions as provided in the problem statement. Abbreviations used: Accum. depr. = Accumulated depreciation.) Begin by posting to the Property and Equipment account. Property and Equipment Taylor Corporation reported the following related to property and equipment (all in millions): B (Clic Data Table Read the en Re Require opened the types the cost amounts Accumull ving hter From the balance sheets 12/31/16 12/31/15 Property and equipment $ 26,140 $ 24,300 Accumulated depreciation (17,645) (16,850) From the investing activities section of the 2016 cash flow statement: Cash used to purchase property and equipment S (2,360) Proceeds from sale of property and equipment Begin by 62 From the 2016 income statement: Depreciation expense Gain or loss on the sale of equipment 1,245 Print Done Choose JUUIG. VOS 404 Complete) HW Score: 7.76%, 1.16.. P6-50A (alt3) Taylor Corporation reported the following related to property and equipment (all in millions) 0 Requirements Read ccal Requ opend the ty the ca amou Accu Begir 1. T-accounts for Property and Equipment and Accumulated Depreciation have been opened for you. Enter information as presented and solve for the unknown in each account. (Hint. Recall the types of transactions that make each of the two accounts increase and decrease. You are solving for the cost of Property and Equipment sold and the Accumulated Depreciation on those assets.) 2. Based on your calculations in requirement 1. calculate the book value of assets sold during 2016. What is the difference between the sales price and the book value? 3. Prepare the journal entry for the sale of property and equipment during 2016, Describe the effect of this transaction on the financial statements Compare the sales price and the book value in the journal entry, and compare this to the difference you calculated in requirement 2. Describe briefly 4. Prepare a T-account for Property and Equipment. Net Repeat requirement 1. Print Done Choog Q parts Clear All 8 remaining Check Answer e PM ( 30/2020 HP 2011 (all in milli and Accu vn in each Requirement 1. T-accounts for Property and Equipment and Accumulated Depreciation opened for you. Enter information as presented and solve for the unknown in each accou the types of transactions that make each of the two accounts increase and decrease. You the cost of Property and Equipment sold and the Accumulated Depreciation on those ass amounts in millions as provided in the problem statement. Abbreviations used: Accum. de Accumulated depreciation.) Begin by posting to the Property and Equipment account. Property and Equipment 12/31/15 Balance 12/31/16 Balance Accum. depr. of assets sold Cost of assets sold in 2016 Depreciation during 2016 C Purchased during 2016 er in the input fields and then click Check Answ & parts o remaining Clear All Check Answer w USUL reciation.) to the Property and Equipment account. Property and Equipment 12/31/15 Balance 12/31/16 Balance Accum depr. of assets sold Cost of assets sold in 2016 Depreciation during 2016 any list or enter any number in the il Purchased during 2016 6-50A (alt3) Taylor Corporation reported the following related to property and equipment (all in millions): (Click the icon to view the data.) Read the requirements Requirement 1. T-accounts for Property and Equipment and Accumulated Depreciation have been opened for you. Enter information as presented and solve for the unknown in each account (Hint Recall the types of transactions that make each of the two accounts increase and decrease. You are solving for the cost of Property and Equipment sold and the Accumulated Depreciation on those assets.) (Enter amounts in millions as provided in the problem statement. Abbreviations used: Accum. depr. = Accumulated depreciation.) Begin by posting to the Property and Equipment account. Property and Equipment Taylor Corporation reported the following related to property and equipment (all in millions): B (Clic Data Table Read the en Re Require opened the types the cost amounts Accumull ving hter From the balance sheets 12/31/16 12/31/15 Property and equipment $ 26,140 $ 24,300 Accumulated depreciation (17,645) (16,850) From the investing activities section of the 2016 cash flow statement: Cash used to purchase property and equipment S (2,360) Proceeds from sale of property and equipment Begin by 62 From the 2016 income statement: Depreciation expense Gain or loss on the sale of equipment 1,245 Print Done Choose JUUIG. VOS 404 Complete) HW Score: 7.76%, 1.16.. P6-50A (alt3) Taylor Corporation reported the following related to property and equipment (all in millions) 0 Requirements Read ccal Requ opend the ty the ca amou Accu Begir 1. T-accounts for Property and Equipment and Accumulated Depreciation have been opened for you. Enter information as presented and solve for the unknown in each account. (Hint. Recall the types of transactions that make each of the two accounts increase and decrease. You are solving for the cost of Property and Equipment sold and the Accumulated Depreciation on those assets.) 2. Based on your calculations in requirement 1. calculate the book value of assets sold during 2016. What is the difference between the sales price and the book value? 3. Prepare the journal entry for the sale of property and equipment during 2016, Describe the effect of this transaction on the financial statements Compare the sales price and the book value in the journal entry, and compare this to the difference you calculated in requirement 2. Describe briefly 4. Prepare a T-account for Property and Equipment. Net Repeat requirement 1. Print Done Choog Q parts Clear All 8 remaining Check Answer e PM ( 30/2020 HP 2011 (all in milli and Accu vn in each Requirement 1. T-accounts for Property and Equipment and Accumulated Depreciation opened for you. Enter information as presented and solve for the unknown in each accou the types of transactions that make each of the two accounts increase and decrease. You the cost of Property and Equipment sold and the Accumulated Depreciation on those ass amounts in millions as provided in the problem statement. Abbreviations used: Accum. de Accumulated depreciation.) Begin by posting to the Property and Equipment account. Property and Equipment 12/31/15 Balance 12/31/16 Balance Accum. depr. of assets sold Cost of assets sold in 2016 Depreciation during 2016 C Purchased during 2016 er in the input fields and then click Check Answ & parts o remaining Clear All Check Answer w USUL reciation.) to the Property and Equipment account. Property and Equipment 12/31/15 Balance 12/31/16 Balance Accum depr. of assets sold Cost of assets sold in 2016 Depreciation during 2016 any list or enter any number in the il Purchased during 2016