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Problem 10-5A (Part Level Submission)

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

Land				$ 4,360,000
Buildings		$28,130,000
Less: Accumulated depreciationbuildings		12,490,000		15,640,000
Equipment		48,640,000
Less: Accumulated depreciationequipment		5,290,000		43,350,000
Total plant assets				$63,350,000

During 2018, the following selected cash transactions occurred.

April 1		Purchased land for $2,050,000.
May 1		Sold equipment that cost $1,020,000 when purchased on January 1, 2014. The equipment was sold for $612,000.
June 1		Sold land purchased on June 1, 2008 for $1,560,000. The land cost $403,000.
July 1		Purchased equipment for $2,580,000.
Dec. 31		Retired equipment that cost $490,000 when purchased on December 31, 2008. No salvage value was received.

1. 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.

2. Record the adjusting entries for depreciation for 2018

3. Prepare te plant asset section for Grand's Balance Sheet @ December 31 2018

1. 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.

2. Record the adjusting entries for depreciation for 2018

3. Prepare te plant asset section for Grand's Balance Sheet @ December 31 2018

Problem 10-5A (Part Level Submission) At December 31, 2017, Grand Company reported the following as plant assets. Land 4,360,000 $28,130,000 Buildings Less: Accumulated depreciation-buildings 12,490,000 15,640,000 48,640,000 Equipment Less: Accumulated depreciation equipment 5,290,000 43,350,000 $63,350,000 Total plant assets During 2018, the following selected cash transactions occurred. April 1 Purchased land for $2,050,000. May 1 Sold equipment that cost $1,020,000 when purchased on January 1, 2014. The equipment was sold for $612,000 June 1 Sold land purchased on June 1, 2008 for $1,560,000. The land cost $403,000 July 1 Purchased equipment for $2,580,000. Dec. 31 Retired equipment that cost $490,000 when purchased on December 31, 2008. No salvage value was received. (a) Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are e disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit