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Help me prepare the balance sheet of Pronhorn's balance at December 31, 2021 Prepare the plant assets section of Pronghorn's balance sheet at December 31,
Help me prepare the balance sheet of Pronhorn's balance at December 31, 2021
Prepare the plant assets section of Pronghorn's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) Pronghorn Company Balance Sheet (Partial) December 31, 2021 Current Assets Land Buildings 29800000 Less V Accumulated Depreciation Buildings 596000 Equipment 48640000 Less : Accumulated Depreciation Equipment 8884000 Total Current Assets $ At December 31, 2020, Pronghorn Company reported the following as plant assets. Land $4,320,000 Buildings $29,800,000 Less: Accumulated depreciation-buildings 10,570,000 19,230,000 Equipment 47,520,000 Less: Accumulated depreciation equipment 4.910,000 42,610,000 Total plant assets $66,160,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,000,000 May 1 Sold equipment that cost $840,000 when purchased on January 1, 2017. The equipment was sold for $504,000. Sold land purchased on June 1, 2011 for $1,430,000. The land cost $393,000. July 1 Purchased equipment for $2,440,000. Dec. 31 Retired equipment that cost $480,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. June 1 Record adjusting entries for depreciation for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) ite Debit Credit 31 7 596000 Account Titles and Explanation Depreciation Expense Accumulated Depreciation Buildings (To record building depreciation) Depreciation Expense 596000 31 V 4742000 4742000 Accumulated Depreciation-Equipment (To record equipment deprecition)Step by Step Solution
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