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At January 1 , 2 0 2 5 , Cullumber company reported the following property, plant, and equipment accounts:At January 1 , 2 0 2
At January Cullumber company reported the following property, plant, and equipment accounts:At January Cullumber Company reported the following property, plant, and equipment accounts: The company uses straightline depreciation for buildings and equipment, its yearend is December and it makes adjusting entries annually. The buildings are estimated to have a year useful life and no salvage value; the equipment is estimated to have a year useful life and no salvage value. During the following selected transactions occurred: Apr. Purchased land for $ million. Paid $ million cash and issued a year, note payable for the balance. Interest on the note is payable annually each April May Sold equipment for $ cash. The equipment cost $ million when originally purchased on January June Sold land for $ million. Received $ cash and accepted a year, note for the balance. The land cost $ million when purchased on June Interest on the note is due annually each June July Purchased equipment for $ million cash. Dec. Retired equipment that cost $ million when purchased on December No proceeds were received. Journalize the above transactions. Hint: You may wish to set up Taccounts, post beginning balances, and then post transactions.List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg Record any adjusting entries for depreciation required at December List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Prepare the property, plant, and equipment section of the company's balance sheet at December List Property, Plant, and Equipment in order of Land, Buildings and Equipment. CULLUMBER COMPANY Balance Sheet Partial
At January Cullumber company reported the following property, plant, and equipment accounts:At January Cullumber Company reported the following property, plant, and equipment accounts:
The company uses straightline depreciation for buildings and equipment, its yearend is December and it makes adjusting entries
annually. The buildings are estimated to have a year useful life and no salvage value; the equipment is estimated to have a year
useful life and no salvage value.
During the following selected transactions occurred:
Apr. Purchased land for $ million. Paid $ million cash and issued a year, note payable for the balance. Interest
on the note is payable annually each April
May Sold equipment for $ cash. The equipment cost $ million when originally purchased on January
June Sold land for $ million. Received $ cash and accepted a year, note for the balance. The land cost $
million when purchased on June Interest on the note is due annually each June
July Purchased equipment for $ million cash.
Dec. Retired equipment that cost $ million when purchased on December No proceeds were received.
Journalize the above transactions. Hint: You may wish to set up Taccounts, post beginning balances, and then post
transactions.List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do
not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Round answers to
decimal places, eg
Record any adjusting entries for depreciation required at December List debit entry before credit entry. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles
and enter for the amounts.
Prepare the property, plant, and equipment section of the company's balance sheet at December List Property, Plant, and
Equipment in order of Land, Buildings and Equipment.
CULLUMBER COMPANY
Balance Sheet Partial
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