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all one question please show complete steps having a hard time understanding thank you ! At January 1, 2022, Sunland Company reported the following property,
all one question please show complete steps having a hard time understanding thank you !
At January 1, 2022, Sunland Company reported the following property, plant, and equipment accounts: The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40 -year useful life and no salvage value; the equipment is estimated to have a 10 -year useful life and no salvage value. During 2022, the following selected transactions occurred: Apr. 1 Purchased land for $4.30 million. Paid $1.075 million cash and issued a 3-year, 6% note payablet Interest on the note is payable annually each April 1. May 1 Sold equipment for $290.000 cash. The equipment cost $3.72 million when originally purchased June 1 Sold land for $5.88 million. Received $660.000 cash and accepted a 3-year, 5% note for the balar The land cost $1.70 million when purchased on June 1, 2016. Interest on the note is due annualh July 1 Purchased equipment for $2.20 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds we (a) Journalize the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Journalize the above transactions. (Credit account titles are outomatically indented when the an (To record depreciation expense) May 1 (To record sale of equipment) Junc 1 (To record depreciation expense) (To record disposal of equipment) occount tities and enter U ror the dmotmes.J Titles and Explanation Debit Credit d depreciation expense) d sale of equipment) Step by Step Solution
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