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i need the finnancial statement pls thank you so so much! At January 1, 2022, Wildhorse Co, reported the following property, plant, and equipment accounts:
i need the finnancial statement pls thank you so so much!
At January 1, 2022, Wildhorse Co, reported the following property, plant, and equipment accounts: The company uses straight-line depreciation for buildings and equipment, its year-end is December 31 , and it makes adjusting entries annually. 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. During 2022, the following selected transactions occurred: Apr. 1 Purchased land for $4.30 million. Paid $1.075 million cash and issued a 3 -year, 6% note payable for the balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for $210,000 cash. The equipment cost $3.30 million when originally purchased on January 1, 2014. June 1 Sold land for $5.04 million. Received $750,000 cash and accepted a 3-year, 5% note for the balance. The land cost \$1.20 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2.00 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received. Prepare the property, plant, and equipment section of the company's statement of financial position at December 31 . . (L/st Property, Piant and Equipment in order of Land, Bulldings and Equipment.) Step by Step Solution
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