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At December 31, 2022, Skysong, Inc. reported the following plant assets. Land $ 3,720,000 Buildings $28,020,000 Less: Accumulated depreciationbuildings 12,609,000 15,411,000 Equipment 49,000,000 Less: Accumulated
At December 31, 2022, Skysong, Inc. reported the following plant assets.
Land | $ 3,720,000 | |||
Buildings | $28,020,000 | |||
Less: Accumulated depreciationbuildings | 12,609,000 | 15,411,000 | ||
Equipment | 49,000,000 | |||
Less: Accumulated depreciationequipment | 6,125,000 | 42,875,000 | ||
Total plant assets | $62,006,000 |
During 2023, the following selected cash transactions occurred.
Apr. 1 | Purchased land for $2,160,000. | |
May 1 | Sold equipment that cost $840,000 when purchased on January 1, 2016. The equipment was sold for $252,000. | |
June 1 | Sold land for $1,450,000. The land cost $1,007,000. | |
July 1 | Purchased equipment for $1,107,000. | |
Dec. 31 | Retired equipment that cost $689,000 when purchased on December 31, 2013. No salvage value was received. |
Prepare the plant assets section of Skysong's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment.) Skysong, Inc. Balance Sheet (Partial) December 31, 2023 Plant Assets Land $ $ 48 Buildings $ 28020000 Less : Accumulated Depreciation-Buildings 12609000 154 Equipment 48578000 Less : Accumulated Depreciation Equipment 9719350 i 38 Total Plant Assets A 591
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