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I already completed part a and b which was recording the listed transactions and then b was recording adjusting entries at December 31. Im having
I already completed part a and b which was recording the listed transactions and then b was recording adjusting entries at December 31. Im having trouble with part c, I am to make the PPE section in the statement of financial position. Please provide calculations so I can understand, thanks in advance
At January 1, 2011, Dossom Limited reported the following property, plant, and equipment accounts: Accurated depreciation-buildings 358,400,000 Accumulated depreciation equipment 57.900.000 Buildings 90.400,000 Equipment 138,300,000 Land 18.900.000 The company uses straight-line depreciation for buildings and equipment, its year end : December 31, and makes adjusting entries annually. The buildings are estimated to have a 40- year usefue and no residus value the equipment is estimated to have a 10-year deale and dual value During 2014, the following selected transactions occurred I purchased land for $1.290,000. Poid 51,090,000 cash and issued a three-year 64 mortgage payable for the balance. Interest on the mortgage as payable annuaily each April May Solo equipment for $220,000 cash. The equipment cost $2.612,100 when originally purchased on January 1, 2010. Sune : Sold land for $3,616,500 Received $245,700 cath and accepted a threws note for the balance. The land com 51,400,000 when purchased on June 1, 2012. Interest the note is due at each June 1 Purchased equipment for $2,200,000 cash Dec. Retired equiement that cout $1,100,000 when purchased on January 1, 2009, No proceeds were received 31 Tested and for impairment and found that is recoverable value was $18,900,000 BLOSSOM LIMITED Statement of Financial Position (Partial) Assets Property, Plant, and Equipment Land Buildings Less Accumulated Depreciation Buildings Equipment Less : Accumulated Depreciation Equipment Total Property. Plant and Equipment Step by Step Solution
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