FIX THE ERRORS At December 31, 2017, Grand Company reported the following as plant assets Land $ 4,360,000 Buildings $28,130,000 Less Accumulated depreciationbuildings 12,490,000 15,640,000 Equipment 48,640,000 Less Accumulated depreciationequipment 5,290,000 43,350,000 Total plant assets $63,350,000 During 2018, the following selected cash transactions occurred April 1 Purchased land for $2,050,000 May 1 Sold equipment that cost $1,020,000 when purchased on January 1, 2014 The equipment was sold for $612,000 June 1 Sold land purchased on June 1, 2008 for $1,560,000 The land cost $403,000 July 1 Purchased equipment for $2,580,000 Dec 31 Retired equipment that cost $490,000 when purchased on December 31, 2008 No salvage value was received Record adjusting entries for depreciation for 2018 Record adjusting entries for depreciation for 2018 (Credit account titles are automatically indented Date Account Titles and Explanation Debit Credit Dec 31 Depreciation Expense 129,000 Accumulated Depreciation Equipment 129,000 (To record building deprecation) Dec 31Depreciation Expense 4,713,000 Accumulated Depreciation Equipment 4,713,000 (To record equipment deprecition) Record adjusting entries for depreciation for 2018 (Credit account titles are automatically indented Date Account Titles and Explanation Debit Credit Dec 31 Depreciation Expense 129,000 Accumulated Depreciation Equipment 129,000 (To record building deprecation) Dec 31Depreciation Expense 4,713,000 Accumulated Depreciation Equipment 4,713,000 (To record equipment deprecition)

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FIX THE ERRORS At December 31, 2017, Grand Company reported the following as plant assets. Land $ 4,360,000 Buildings $28,130,000 Less: Accumulated depreciationbuildings 12,490,000 15,640,000

FIX THE ERRORS

At December 31, 2017, Grand Company reported the following as plant assets.

Land		$ 4,360,000
Buildings	$28,130,000
Less: Accumulated depreciationbuildings	12,490,000	15,640,000
Equipment	48,640,000
Less: Accumulated depreciationequipment	5,290,000	43,350,000
Total plant assets		$63,350,000

During 2018, the following selected cash transactions occurred.

April 1		Purchased land for $2,050,000.
May 1		Sold equipment that cost $1,020,000 when purchased on January 1, 2014. The equipment was sold for $612,000.
June 1		Sold land purchased on June 1, 2008 for $1,560,000. The land cost $403,000.
July 1		Purchased equipment for $2,580,000.
Dec. 31		Retired equipment that cost $490,000 when purchased on December 31, 2008. No salvage value was received.

Record adjusting entries for depreciation for 2018.

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Record adjusting entries for depreciation for 2018. (Credit account titles are automatically indented Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 129,000 Accumulated Depreciation-Equipment 129,000 (To record building deprecation) Dec. 31Depreciation Expense 4,713,000 Accumulated Depreciation-Equipment 4,713,000 (To record equipment deprecition) Record adjusting entries for depreciation for 2018. (Credit account titles are automatically indented Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 129,000 Accumulated Depreciation-Equipment 129,000 (To record building deprecation) Dec. 31Depreciation Expense 4,713,000 Accumulated Depreciation-Equipment 4,713,000 (To record equipment deprecition)