Question
At December 31, 2015, Grand Company reported the following as plant assets. During 2016, the following selected cash transactions occurred. Journalize the above transactions. The
At December 31, 2015, Grand Company reported the following as plant assets.
During 2016, the following selected cash transactions occurred.
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 estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
Record adjusting entries for depreciation for 2016.
Prepare the plant assets section of Grands balance sheet at December 31, 2016.
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