Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help please! Problem 9-05A al-c (Video) (Part Level Submission) At December 31, 2020, Splish Brothers Inc. reported the following as plant assets. $ 4,110,000 Land

help please! image text in transcribed
image text in transcribed
Problem 9-05A al-c (Video) (Part Level Submission) At December 31, 2020, Splish Brothers Inc. reported the following as plant assets. $ 4,110,000 Land Buildings Less: Accumulated depreciation--buildings Equipment Less: Accumulated depreciation equipment Total plant assets $28,650,000 13,680,000 47,920,000 4,730,000 14,970,000 43,190,000 $62,270,000 During 2021, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,150,000. Sold equipment that cost $870,000 when purchased on January 1, 2017. The equipment was sold for $522,000. Sold land purchased on June 1, 2011 for $1,420,000. The land cost $399,000 Purchased equipment for $2,530,000. Retired equipment that cost $511,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. (a) Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year 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 (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 for the amounts.) Date Account Titles and Explanation Debit Credit (To record depreciation) (To record sale of equipment)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Finance For Your Small Business

Authors: Eric James Burton, Steven M Bragg

1st Edition

9780471323600

More Books

Students also viewed these Accounting questions

Question

When should you avoid using exhaust brake select all that apply

Answered: 1 week ago

Question

Can consultants replace outsourced activities? Why or why not?

Answered: 1 week ago