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At December 31, 2020, Grouper Company reported the following as plant assets. Land $ 4,360,000 Buildings $29,770,000 Less: Accumulated depreciationbuildings 12,500,000 17,270,000 Equipment 47,890,000 Less:
At December 31, 2020, Grouper Company reported the following as plant assets.
Land | $ 4,360,000 | |||
Buildings | $29,770,000 | |||
Less: Accumulated depreciationbuildings | 12,500,000 | 17,270,000 | ||
Equipment | 47,890,000 | |||
Less: Accumulated depreciationequipment | 4,870,000 | 43,020,000 | ||
Total plant assets | $64,650,000 |
During 2021, the following selected cash transactions occurred.
April 1 | Purchased land for $2,030,000. | |
May 1 | Sold equipment that cost $1,110,000 when purchased on January 1, 2017. The equipment was sold for $666,000. | |
June 1 | Sold land purchased on June 1, 2011 for $1,490,000. The land cost $391,000. | |
July 1 | Purchased equipment for $2,580,000. | |
Dec. 31 | Retired equipment that cost $489,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. |
Record adjusting entries for depreciation for 2021. Prepare the plant assets section of Groupers balance sheet at December 31, 2021.
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