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I need help answering this Wiley Plus Accounting 291 question At December 31, 2014, Navaro Corporation reported the following plant assets. Land $ 3,894,000 Buildings
I need help answering this Wiley Plus Accounting 291 question
At December 31, 2014, Navaro Corporation reported the following plant assets. Land $ 3,894,000 Buildings $34,010,000 Less: Accumulated depreciationbuildings 15,478,650 18,531,350 Equipment 51,920,000 Less: Accumulated depreciationequipment 6,490,000 45,430,000 Total plant assets $67,855,350 During 2015, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,855,600. May 1 Sold equipment that cost $778,800 when purchased on January 1, 2008. The equipment was sold for $220,660. June 1 Sold land for $2,076,800. The land cost $1,298,000. July 1 Purchased equipment for $1,427,800. Dec. 31 Retired equipment that cost $908,600 when purchased on December 31, 2005. No salvage value was receivedStep by Step Solution
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