At December 31, 2017, Blue Corporation reported the following plant assets. Land $4,548,000 8,441,700 Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets $26,520,000 18,078,300 60,640,000 7,580,000 53,060,000 $66,049.700 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,335,200. May 1 Sold equipment that cost $909,600 when purchased on January 1, 2011. The equipment was sold for $257,720. June 1 Sold land for $2.425,600. The land cost $1,516,000 July 1 Purchased equipment for $1,667,600. Dec. 31 Retired equipment that cost $1,061,200 when purchased on December 31, 2008. No salvage value was received - Your answer is partially correct. Journalize the transactions. Blue uses straight-line depreciation for buildings and equipment. 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. Update depreciation on assets disposed of at the time of sale or retirement.(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Credit 3335200 3335300 Date Account Titles and Explanation Aprili Land Cash May 19 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation on equipment sold) 30320 30320 dena.edu/courses/1104757/assignments/8311086 Reading Queesti May 1 : Depreciation Expense 30320 Accumulated Depreciation Equipment 30320 (To record depreciation on equipment sold) Cash Accumulated Depreciation Equipment 257720 667040 15160 Gain on Disposal of Plant Assets Equipment 909600 | Cash 2425600 Land 1516000 Gain on Disposal of Land 909600 My 1 Equipment 1667600 Cash 1667600 Dec. 31 Depreciation Expense 106120 106120 Accumulated Depreciation Equipment (To record depreciation on equipment retired) Accumulated Depreciation Equipment 1061200 Equipment 1061200 e Textbook and Media List of Accounts Homework Help With CX in Recent years, Oriol Cox ena.edu/courses/1104757/assignments/8311086 Reading Queesti. - Your answer is partially correct. Prepare the plant assets section of Blue's balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) (List Plant Assets in order of Land, Building and Equipment.) BLUE CORPORATION Partial Balance Sheet December 31, 2018 Long-term Liabilities Land 6367200 Buildings 26520000 Less :: Accumulated Depreciation-Buildings 18741300 7778700 Equipment 60336800 Less : Accumulated Depreciation Equipment 12021880 48314920 Total Plant Assets 62460820 eTextbook and Media List of Accounts Save for Later Attempts: 1 of 6 used Submit Answer At December 31, 2017, Blue Corporation reported the following plant assets. Land $4,548,000 8,441,700 Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets $26,520,000 18,078,300 60,640,000 7,580,000 53,060,000 $66,049.700 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,335,200. May 1 Sold equipment that cost $909,600 when purchased on January 1, 2011. The equipment was sold for $257,720. June 1 Sold land for $2.425,600. The land cost $1,516,000 July 1 Purchased equipment for $1,667,600. Dec. 31 Retired equipment that cost $1,061,200 when purchased on December 31, 2008. No salvage value was received - Your answer is partially correct. Journalize the transactions. Blue uses straight-line depreciation for buildings and equipment. 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. Update depreciation on assets disposed of at the time of sale or retirement.(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Credit 3335200 3335300 Date Account Titles and Explanation Aprili Land Cash May 19 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation on equipment sold) 30320 30320 dena.edu/courses/1104757/assignments/8311086 Reading Queesti May 1 : Depreciation Expense 30320 Accumulated Depreciation Equipment 30320 (To record depreciation on equipment sold) Cash Accumulated Depreciation Equipment 257720 667040 15160 Gain on Disposal of Plant Assets Equipment 909600 | Cash 2425600 Land 1516000 Gain on Disposal of Land 909600 My 1 Equipment 1667600 Cash 1667600 Dec. 31 Depreciation Expense 106120 106120 Accumulated Depreciation Equipment (To record depreciation on equipment retired) Accumulated Depreciation Equipment 1061200 Equipment 1061200 e Textbook and Media List of Accounts Homework Help With CX in Recent years, Oriol Cox ena.edu/courses/1104757/assignments/8311086 Reading Queesti. - Your answer is partially correct. Prepare the plant assets section of Blue's balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) (List Plant Assets in order of Land, Building and Equipment.) BLUE CORPORATION Partial Balance Sheet December 31, 2018 Long-term Liabilities Land 6367200 Buildings 26520000 Less :: Accumulated Depreciation-Buildings 18741300 7778700 Equipment 60336800 Less : Accumulated Depreciation Equipment 12021880 48314920 Total Plant Assets 62460820 eTextbook and Media List of Accounts Save for Later Attempts: 1 of 6 used Submit
