Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need the values for these two:) thank you so much At January 1, 2022, Wildhorse Co. reported the following property, plant, and equipment accounts:

i need the values for these two:) thank you so much
image text in transcribed
image text in transcribed
image text in transcribed
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 $750.000cash and accepted a 3-year, 55 note for the balance, The land cost $1.20 million when purchased on June 1.2016 interest on the note is duc annually each June 1. July 1 Purchased equipment for $2.00 million cash Deci31 Retired equipment that cost $1 million when purchased on December 31.2012. No proceeds were received Record any adjusting entries for depreciation required at December 31. (Credit account tities are outomaticolly indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounte) Prepare the property, plant, and equipment section of the company's stat Property, Plant and Equipment in order of Land, Bulldings and Equipment.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley CPAexcel Exam Review Focus Notes Auditing And Attestation 2022

Authors: Wiley

1st Edition

111984858X, 978-1119848585

More Books

Students also viewed these Accounting questions