ESOURCES (Part Past Problem 9-5A (Part Level Submission) At December 31, 2019, Sunland Company reported the following as plant assets. Land $4.360,000 Buildings $29,770,000 Less: Accumulated depreciation buildings 12,500,000 17.270.000 Equipment 47,890,000 Less Accumulated depreciation equipment 4,870,000 43,020.000 Total plantas $64,650,000 During 2020, the following selected cash transactions occurred. April 1 Purchased land for $2.030,000 May 1 Sold equipment that cost $1,110,000 when purchased on January 1, 2016. The equipment was sold for $666,000. June 1 Sold land purchased on June 1, 2010 for $1.490,000. The land cost $391,000. July 1 Purchased equipment for $2,500,000 Pard Dec. 31 Retired equipment that cost $489.000 when purchased on December 31, 2016. The company received no proceeds related to sa (a) Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in Date Account Tides and Explanation Debit Credit Apr. v Land 2030000 Cash 2030000 May 1 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation) May 1 Cash Accumulated Depreciation Equipment Equipment Gain on Disposal of Plant Assets (To record sale of equipment) June 1 Cash Land Gain on Disposal of plant Assets June 1 Equipment Cash Dec 31 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation Dec 31 Accumulated Depreciation Equipment Equipment (To record retirement of soment) Click if you would like to show Work for this question on ShowWack o ESOURCES (Part Past Problem 9-5A (Part Level Submission) At December 31, 2019, Sunland Company reported the following as plant assets. Land $4.360,000 Buildings $29,770,000 Less: Accumulated depreciation buildings 12,500,000 17.270.000 Equipment 47,890,000 Less Accumulated depreciation equipment 4,870,000 43,020.000 Total plantas $64,650,000 During 2020, the following selected cash transactions occurred. April 1 Purchased land for $2.030,000 May 1 Sold equipment that cost $1,110,000 when purchased on January 1, 2016. The equipment was sold for $666,000. June 1 Sold land purchased on June 1, 2010 for $1.490,000. The land cost $391,000. July 1 Purchased equipment for $2,500,000 Pard Dec. 31 Retired equipment that cost $489.000 when purchased on December 31, 2016. The company received no proceeds related to sa (a) Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in Date Account Tides and Explanation Debit Credit Apr. v Land 2030000 Cash 2030000 May 1 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation) May 1 Cash Accumulated Depreciation Equipment Equipment Gain on Disposal of Plant Assets (To record sale of equipment) June 1 Cash Land Gain on Disposal of plant Assets June 1 Equipment Cash Dec 31 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation Dec 31 Accumulated Depreciation Equipment Equipment (To record retirement of soment) Click if you would like to show Work for this question on ShowWack o
