At December 31, 2020, Concord Corporation reported the following as plant assets. $3,640.000 16,360,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets $28,180,000 11,820,000 48,740,000 4.780,000 43.960,000 $63.960,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,170,000. May 1 Sold equipment that cost $750,000 when purchased on January 1, 2017. The equipment was sold for $450,000 June 1 Sold land purchased on June 1, 2011 for $1,510,000. The land cost $393.000. July 1 Purchased equipment for $2.510,000 Dec.31 Retired equipment that cost $498,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select 'No Entry for the account titles and enter for the amounts.) Debit Credit Date Apr 1: Account Titles and Explanation Land I Cash 2170000 2170000 May 14 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation) 450000 Accumulated Depreciation Equipment 325000 opment 750000 25000 Gain on Disposal of Plant Assets (To record sale of equipment) Cash Gain on Disposal of Plant Assets July 1o Equipment 2510000 Dec 31 Depreciation Expense Accumulated Depreciation Equipment To record depreciation) Dec. 310 Accumulated Depreciation Equipment Topment (To record retirement of equipment) e Textbook and Media List of Accounts - Your answer is partially correct Record adjusting entries for depreciation for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. I no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Dec 31 Account Titles and Explanation Depreciation Expense 563600 563600 Accumulated Depreciation-Buildings (To record building depreciation) Dec. 31 Depreciation Expense Accumulated Depreciation Equipment (To record equipment depreciation) e Textbook and Media List of Accounts Prepare the plant assets section of Concord's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) Concord Corporation Balance Sheet (Partial) December 31, 2021 Plant Auset Total Plant Assets
