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I am working on accounting 2 problem 10-5A Problem 10-5A At December 31, 2017, Grand Company reported the following as plant assets. Land $ 3,670,000

I am working on accounting 2 problem 10-5A

Problem 10-5A

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

Land $ 3,670,000

Buildings $27,580,000

Less: Accumulated depreciationbuildings 12,950,000 14,630,000

Equipment 48,100,000

Less: Accumulated depreciationequipment 4,630,000 43,470,000

Total plant assets $61,770,000

During 2018, the following selected cash transactions occurred.

April 1 Purchased land for $2,040,000.

May 1 Sold equipment that cost $1,140,000 when purchased on January 1, 2014. The equipment was sold for $684,000.

June 1 Sold land purchased on June 1, 2008 for $1,600,000. The land cost $392,000.

July 1 Purchased equipment for $2,300,000.

Dec. 31 Retired equipment that cost $514,000 when purchased on December 31, 2008. No salvage value was received.

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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Land

2,040,000

Cash

2,040,000

Depreciation Expense

38,000

Accumulated Depreciation-Equipment

38,000

(To record depreciation)

May 1

Cash

648,000

Accumulated Depreciation-Equipment

494,000

Equipment

1,140,000

Gain on Disposal of Plant Assets

38,000

(To record sale of equipment)

Cash

1,600,000

Land

392,000

Gain on Disposal of Plant Assets

1,208,000

Equipment

2,300,000

Cash

2,300,000

Depreciation Expense

51,400

Accumulated Depreciation-Equipment

51,400

(To record depreciation)

Accumulated Depreciation-Equipment

514,000

Equipment

514,000

(To record retirement of equipment)

Record adjusting entries for depreciation for 2018. (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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Depreciation Expense

551,600

Accumulated Depreciation-Buildings

551,600

(To record building depreciation)

Depreciation Expense

250,540

Accumulated Depreciation-Equipment

250,540

(To record equipment deprecition)

Prepare the plant assets section of Grand's balance sheet at December 31, 2018. (List Plant Assets in order of Land, Buildings and Equipment.)

Grand Company

Balance Sheet (Partial)

Land

$

5,710,000

Buildings

$

27,580,000

less:

Accumulated Depreciation-Buildings

13,469,000

14,111,000

Equipment

less:

Accumulated Depreciation-Equipment

I need help calculating the equipment and the accumulated Depreciation- equipment.

can any one help me with these two?

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