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Can I please get the solution to this problem? I have a partial but need the solution. Problem 9-2A At December 31, 2014, Navaro Corporation
Can I please get the solution to this problem? I have a partial but need the solution.
Problem 9-2A At December 31, 2014, Navaro Corporation reported the following plant assets. Land $ 5,547,000 Buildings Date $33,320,000 Account Titles and Explanation Less: Accumulated depreciationbuildings Land Equipment April 1 Less: Accumulated depreciation equipment cash Total plant assets Debit 22,049,325 73,960,000 11,270,675 9,245,000 64,715,000 Credit 4067800 $81,532,675 4067800 During 2015, the following selected cash transactions occurred. May 1 Apr. May 1 1 June July Dec. 1 1 3 1 Depreciation E 135593 Purchased land for $4,067,800. Sold equipment that cost $1,109,400 when purchased on January 1, 2008. The Accumulated equipment was soldD for $314,330. 135593 Sold land for $2,958,400. The land cost $1,849,000. (To record depreciation on equipment sold) Purchased equipment for $2,033,900. Retired equipment that cost $1,294,300 when purchased on December 31, 2005. No salvage cash value was received. 314330 Accumulated D Journalize the transactions. Navaro 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 theEquipment time of sale or retirement. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Gain on Dispo cash June 1 2958400 SHOW LIST OF ACCOUNTS LINK TO TEXT Land 1849000 gain 1109400 Record adjusting entries for depreciation for 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Equipment July 1 Date. Account Titles and Explanation Debit Credit 2033900 Cash Dec. Depreciation E SHOW LIST OF ACCOUNTS 31 Depreciation E Dec. 31 Accumulated D LINK TO TEXT 2033900 1294300 D on (To record Accumulated depreciation buildings.) 31 1294300 (To record depreciation on equipment retired) Depreciation E Accumulated D 1294300 Accumulated D Equipment 1294300 Prepare the plant assets section of Navaro's balance sheet at December 31, 2015. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2015 transactions.) (List Plant Assets in order of Land, Building and Equipment.) NAVARO CORPORATION Partial Balance Sheet December 31, 2015 Plant Assets $ land $ Buildings Less : Accumulated D Equipment Less : Accumulated D $ Total Plant Asset SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER Problem 9-2A At December 31, 2014, Navaro Corporation reported the following plant assets. Land $ 5,547,000 Buildings Date $33,320,000 Account Titles and Explanation Less: Accumulated depreciationbuildings Land Equipment April 1 Less: Accumulated depreciation equipment cash Total plant assets Debit 22,049,325 73,960,000 11,270,675 9,245,000 64,715,000 Credit 4067800 $81,532,675 4067800 During 2015, the following selected cash transactions occurred. May 1 Apr. May 1 1 June July Dec. 1 1 3 1 Depreciation Expe 36980 Purchased land for $4,067,800. Sold equipment that cost $1,109,400 when purchased on January 1, 2008. The Accum ulated Dep equipment was sold for $314,330. 36980 Sold land for $2,958,400. The land cost $1,849,000. (To record depreciation on equipment sold) Purchased equipment for $2,033,900. Retired equipment that cost $1,294,300 when purchased on December 31, 2005. No salvage cash value was received. 314330 Accumulated Dep Journalize the transactions. Navaro uses straight-line depreciation813560 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 entsale or retirement. (Record entries in the order displayed in the disposed of at theEquipm time of 1,109,400 problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Gain on Disposal 18490 cash J une 1LIST OF ACCOUNTS SHOW LINK TO TEXT 2958400 Land 1849000 gain 1109400 Record adjusting entries for depreciation for 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Equipment J uly 1 Date. Account Titles and Explanation Cash Dec. Depreciation Expe SHOW LIST OF ACCOUNTS 31 Debit 2033900 Credit 2033900 129430 Depreciation Expe Dec. 31 Accumulated Dep LINK TO TEXT 1294300 129430 ulated Dep (To record Accum depreciation on buildings.) 31 1294300 (To record depreciation on equipment retired) Depreciation Expe Accumulated Depreciation-Equipment Accumulated Dep Equipment 833000 1294300 833000 1294300 Prepare the plant assets section of Navaro's balance sheet at December 31, 2015. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2015 transactions.) (List Plant Assets in order of Land, Building and Equipment.) NAVARO CORPORATION Partial Balance Sheet December 31, 2015 Plant Assets $ land 7765800 $ Buildings 33,320,000 Less : Accumulated Dep Equipment 22882325 48436525 73590200 Less : Accumulated Dep 64715000 8875200 $ Total Plant Asset -65077525 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Question Attempts: 0 of 3 usedStep by Step Solution
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