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At December 31, 2020, Martinez Company reported the following as plant assets. Land $ 3,860,000 Buildings $28,520,000 Less: Accumulated depreciationbuildings 12,200,000 16,320,000 Equipment 48,380,000 Less:
At December 31, 2020, Martinez Company reported the following as plant assets.
Land | $ 3,860,000 | |||
Buildings | $28,520,000 | |||
Less: Accumulated depreciationbuildings | 12,200,000 | 16,320,000 | ||
Equipment | 48,380,000 | |||
Less: Accumulated depreciationequipment | 5,220,000 | 43,160,000 | ||
Total plant assets | $63,340,000 |
During 2021, the following selected cash transactions occurred.
April 1 | Purchased land for $2,080,000. | |
May 1 | Sold equipment that cost $1,170,000 when purchased on January 1, 2017. The equipment was sold for $702,000. | |
June 1 | Sold land purchased on June 1, 2011 for $1,430,000. The land cost $409,000. | |
July 1 | Purchased equipment for $2,580,000. | |
Dec. 31 | Retired equipment that cost $515,000 when purchased on December 31, 2011. The company received no proceeds related to salvage.
Prepare the plant assets section of Martinezs balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) |
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