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At December 3 1 , 2 0 1 9 , Jimenez Enterprises reported the following as plant assets: During 2 0 2 0 , the
At December Jimenez Enterprises reported the following as plant assets:
During the following selected cash transactions occurred:
Instructions:
Journalize the above transactions. The company uses straightline depreciation for buildings and
equipment. The buildings are estimated to have a year life and no salvage value. The equipment is
estimated to have a year useful life and no residual value. Update depreciation on assets disposed
of at the time of sale or retirement.
Record adjusting entries for depreciation for
Prepare the plant assets section of Jimenez's statement of financial position at December
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