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At December 31, 2017, Indigo Corporation reported the following plant assets. Land $5,358,000 Buildings $26,710,000 Less: Accumulated depreciationbuildings 21,298,050 5,411,950 Equipment 71,440,000 Less: Accumulated depreciationequipment
At December 31, 2017, Indigo Corporation reported the following plant assets.
Land | $5,358,000 | |
Buildings | $26,710,000 | |
Less: Accumulated depreciationbuildings | 21,298,050 | 5,411,950 |
Equipment | 71,440,000 | |
Less: Accumulated depreciationequipment | 8,930,000 | 62,510,000 |
Total plant assets | $73,279,950 |
During 2018, the following selected cash transactions occurred.
Apr. | 1 | Purchased land for $3,929,200. |
May | 1 | Sold equipment that cost $1,071,600when purchased on January 1, 2011. The equipment was sold for $303,620. |
June | 1 | Sold land for $2,857,600. The land cost $1,786,000. |
July | 1 | Purchased equipment for $1,964,600. |
Dec. | 31 | Retired equipment that cost $1,250,200when purchased on December 31, 2008. No salvage value was received. |
(a)
Your answer is partially correct. Try again. | |
Date | Account Titles and Explanation | Debit | Credit |
April 1May 1June 1July 1Dec. 31 | |||
April 1May 1June 1July 1Dec. 31 | |||
(To record depreciation on equipment sold) | |||
April 1May 1June 1July 1Dec. 31 | |||
April 1May 1June 1July 1Dec. 31 | |||
April 1May 1June 1July 1Dec. 31 | |||
(To record depreciation on equipment retired) | |||
|
Your answer is correct. | |
Date | Account Titles and Explanation | Debit | Credit |
Dec. 31 | |||
(To record depreciation on buildings.) | |||
Dec. 31 | |||
(To record depreciation on equipment.) |
|
INDIGOCORPORATION Partial Balance Sheet For the Month Ended December 31, 2018For the Year Ended December 31, 2018December 31, 2018 | ||
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesPlant AssetsStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Plant AssetsTotal Stockholders' Equity | ||
$ | ||
$ | ||
AddLess: | ||
AddLess: | ||
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesPlant AssetsStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Plant AssetsTotal Stockholders' Equity | $ |
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