HELP! been stuck on this for hours!!!
At December 31, 2017, Flounder Corporation reported the following plant assets. Land $5,883,000 Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,560,000 23,384,925 78,440,000 9,805,000 3,175,075 68,635,000 $77,693,075 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $4,314,200. May 1 Sold equipment that cost $1,176,600 when purchased on January 1, 2011. The equipment was sold for $333,370. June 1 Sold land for $3,137,600. The land cost $1,961,000. July 1 Purchased equipment for $2,157,100. Dec. 31 Retired equipment that cost $1,372,700 when purchased on December 31, 2008. No salvage value was received. Prepare a tabular summary that includes Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2017, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Liabilities Stockholders' Equity Retained Earnings Revenue Expense Common Stock e Textbook and Media List of Accounts Enter the 2018 transactions in the Enter the 2018 transactions in the tabular summary from part (a). Flounder 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 the time of sale or retirement. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Cash Land Buildings Accum. Depr. - 1 Bal. $ Apr. 1 May 1 May 1 June 1 July 1 Dec. 31 Dec. 31 Prepare the plant assets section of Flounder's balance sheet at December 31, 2018. (List Plant Assets in order of Land, Building and Equipment.) FLOUNDER CORPORATION Partial Balance Sheet