Question
At December 31, 2022, Pronghorn Corporation reported the following plant assets. Land $ 3,498,000 Buildings $26,630,000 Less: Accumulated depreciationbuildings 13,904,550 12,725,450 Equipment 46,640,000 Less: Accumulated
At December 31, 2022, Pronghorn Corporation reported the following plant assets.
Land | $ 3,498,000 | |||
Buildings | $26,630,000 | |||
Less: Accumulated depreciationbuildings | 13,904,550 | 12,725,450 | ||
Equipment | 46,640,000 | |||
Less: Accumulated depreciationequipment | 5,830,000 | 40,810,000 | ||
Total plant assets | $57,033,450 |
During 2023, the following selected cash transactions occurred.
Apr. | 1 | Purchased land for $2,565,200. | |
May | 1 | Sold equipment that cost $699,600 when purchased on January 1, 2016. The equipment was sold for $198,220. | |
June | 1 | Sold land for $1,865,600. The land cost $1,166,000. | |
July | 1 | Purchased equipment for $1,282,600. | |
Dec. | 31 | Retired equipment that cost $816,200 when purchased on December 31, 2013. No salvage value was received. |
Enter the 2023 transactions in the tabular summary from part (a). Pronghorn 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. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Retained Earnings | ||||||||||||||||||||||||
Cash | + | Land | + | Buildings | - | Accum. Depr. - Bldgs. | + | Equipment | - | Accum. Depr. - Equip. | = | + | Common Stock | + | Revenue | - | Expense | - | Dividend | |||||
Bal. | $3,498,000 | $26,630,000 | $(13,904,550) | $46,640,000 | $(5,830,000) | |||||||||||||||||||
Apr. 1 | $enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | select an option Amortization expense again on disposal research & development expenses on disposalDepreciation expense | ||||||||||||
May 1 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Gain on disposalAmortization expenseDepreciation expenseLoss on disposalResearch & development expense | ||||||||||||
May 1 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Amortization expenseGain on disposalDepreciation expenseResearch & development expenseLoss on disposal | ||||||||||||
June 1 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Research & development expense again on disposalDepreciation expenses on disposalAmortization expense | ||||||||||||
July 1 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Loss on disposalAmortization expense research & development expense again on disposalDepreciation expense | ||||||||||||
Dec. 31 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Amortization expenseDepreciation expenseGain on disposalResearch & development expenseLoss on disposal | ||||||||||||
Dec. 31 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Loss on disposal gain on disposalDepreciation expense research & development expense amortization expense |
Please dont forget the last column on the right. you need to select an option. thanks
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