At December 31. 2017, Grouper Corporation reported the following plant assets 3.783000 Land $26,570,000 Buildings Less: Accumulated depreciation-buildings 15,037 425 11.532.575 50.440,000 Equipment Less: Accumulated depreciation-equipment 6.305000 44135000 Total plant assets $59.450,575 During 2018, the following selected cash transactions occurred Apr. 1 Purchased land for $2.774,200 May 1 Sold equipment that cost $756.600 when purchased on January 1,2011. The equipment was sold for $214,370 June 1 Sold land for $2.017,600. The land cost $1.261.000 July 1 Purchased equipment for $1.387,100 Dec. 31 Retired equipment that cost $882.700 when purchased on December 31, 2008. No salvage value was received. Journalize the transactions. Grouper 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 outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit April1 Land 2774200 2774200 Cash 214370 May 1 Depreciation Expense Accumulated Depreciation-Equipment 201760 To record depreciation on equipment sold) Cash 214370 201760 Accumulated Depreciation-Equipment 12610 Gain on Disposal of Plant Assets 2017600 June 1 Cash 1261000 Land 756600 Gain on Disposal of Land 1387100 Equipment July 1 v 1387100 Cash 88270 Dec. 31 Accumulated Depreciation-Equipment 88270 Accumulated Depreciation-Equipment Dec. 31 v 88270 Accumulated Depreciation-Equipment (To record depreciation on equipment retired) 882700 Accumulated Depreciation-Equipment 882700 Equipment eTextbook and Media List of Accounts -Your answer is partially correct Record adjusting entries for depreciation for 2018.(Credit account titles ore aut no entry is required, select "No Entry" for the account titles ond enter O for the amounts) omatically indented when amount is entered. Do not indent manually.If Credit Debit Account Titles and Explanation Date 88270 Dec. 31 Depreciation Expense 88270 Accumulated Depreciation-Buildings (To record depreciation on buildings.) 882700 Dec.31 Depreciation Expense Your answer is partially corrett Record adjusting entries for depreciation for 2018. (Credit account titles are automatically indented when amount is entered. Do not indent no entry is required, select "No Entry for the account titles and enter 0 for the amounts) Account Titles and Explanation Date Debit Credit Dec. 31 Depreclation Expense 88270 Accumulated Depreciation-Buildings 88270 (To record depreciation on buildings.) Dec. 31 Depreciation Expense 882700 Accumulated Depreciation-Equipment 882700 (To record depreciation on equipment.) Prepare the plant assets section of Grouper'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.) GROUPER CORPORATION Partial Balance Sheet For the Month Ended December 31. 2018 Plant Assets Land 5296200 Buildi 26570000 Less 15701675 10868325 Accumulated Depreciation Buildings Equipment Less 560545 50182095 Accumulated Depreciation-Equipment 66346620 Total Plant Assets eTextbook and Media
