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I don't know how this question is incomplete but here are all of my answers prior to the one I need help on. At December
I don't know how this question is incomplete but here are all of my answers prior to the one I need help on.
At December 31, 2022, Cullumber Company reported the following plant assets. $3,500,000 14,850,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $27,000,000 12,150,000 47,000,000 5,875,000 41,125,000 $59,475,000 During 2023, the following selected cash transactions occurred. Apr. 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,000,000. Sold equipment that cost $600,000 when purchased on January 1, 2016. The equipment was sold for $180,000. Sold land for $1,410,000. The land cost $991,000. Purchased equipment for $1,091,000. Retired equipment that cost $671,000 when purchased on December 31, 2013. No salvage value was received. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) Cullumber 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. (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.) ate Debit Credit Account Titles and Explanation Land 1 2000000 Cash 2000000 Depreciation Expense 20000 20000 Accumulated Depreciation-Equipment (To record depreciation) Cash 180000 Accumulated Depreciation-Equipment 440000 600000 20000 Equipment Gain on Disposal of Plant Assets (To record sale of equipment) Cash 21 1410000 Gain on Disposal of Plant Assets 419000 Land 991000 1 Equipment 1091000 Cash 1091000 .31 Depreciation Expense 67100 67100 Accumulated Depreciation-Equipment (To record depreciation) Accumulated Depreciation Equipment .31 671000 671000 Equipment (To record retirement of equipment) Record adjusting entries for depreciation for 2023. (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.) Credit ate .31 Account Titles and Explanation Depreciation Expense Debit 675000 675000 Accumulated Depreciation-Buildings (To record building depreciation) Depreciation Expense .31 4627450 4627450 Accumulated Depreciation Equipment (To record equipment depreciation) Prepare the plant assets section of Cullumber's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment.) Cullumber Company Balance Sheet (Partial) For the Year Ended December 31, 2023 Plant Assets Land $ Buildings $ Less Accumulated Depreciation-Buildings Equipment Less : Accumulated Depreciation-Equipment Total Assets $ $Step by Step Solution
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