II only need help on problem p9.2a that is circled. The instructions are included.
m Course: ACC 2010 02 20FA: Prix WP e Textbook C Presented Below Is Informatior th Course: ACC 2010 02 20FA: Prir X Handout Problems-for 10.29. x + File | file:///C:/Users/toloyede01/Downloads/Handout%20Problems-for%2010.29.pdf : * Apps w BUS COMM Outline... 9.46 CHAPTER 9 Reporting and Analyzing Long-Lived Assets Journalize equipment sactions related to purchase, sale, ment, and depreciation Excel P9.2A (LO 2, 3, 5), AP At December 31, 2022, Arnold Corporation reported the following plant assets. Land $ 3,000,000 Buildings $26,500,000 Less: Accumulated depreciation--buildings 11.925,000 14,575,000 Equipment 40,000,000 Less: Accumulated depreciation--equipment 5,000,000 35,000,000 Total plant assets $52,575,000 During 2023, the following selected cash transactions occurred. Apr.1 Purchased land for $2,200,000. May 1 Sold equipment that cost $600,000 when purchased on January 1, 2016. The equipment was sold for $170,000. June 1 Sold land for $1,600,000. The land cost $1,000,000. July 1 Purchased equipment for $1,100,000. Dec. 31 Retired equipment that cost $700,000 when purchased on December 31, 2013. No salvage value was received. Instructions a. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) Arnold 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 esti- mated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement b. Record adjusting entries for depreciation for 2023. c. Prepare the plant assets section of Arnold's balance sheet at December 31, 2023. P9.3A (LO 3), AP Pine Company had the following assets on January 1, 2022. Purchase Useful life Item Cost Date (in years) Salvage Value Machinery $71,000 Jan. 1. 2012 10 $ -0- Forklift 30,000 Jan 1, 2019 5 c. Tot. plant assets $50,037,500 Journalize entries for disposal of plant assets. PS 9 11 8:11 PM 10/29/2020 Q m Course: ACC 2010 02 20FA: Prix WP e Textbook C Presented Below Is Informatior th Course: ACC 2010 02 20FA: Prir X Handout Problems-for 10.29. x + File | file:///C:/Users/toloyede01/Downloads/Handout%20Problems-for%2010.29.pdf : * Apps w BUS COMM Outline... 9.46 CHAPTER 9 Reporting and Analyzing Long-Lived Assets Journalize equipment sactions related to purchase, sale, ment, and depreciation Excel P9.2A (LO 2, 3, 5), AP At December 31, 2022, Arnold Corporation reported the following plant assets. Land $ 3,000,000 Buildings $26,500,000 Less: Accumulated depreciation--buildings 11.925,000 14,575,000 Equipment 40,000,000 Less: Accumulated depreciation--equipment 5,000,000 35,000,000 Total plant assets $52,575,000 During 2023, the following selected cash transactions occurred. Apr.1 Purchased land for $2,200,000. May 1 Sold equipment that cost $600,000 when purchased on January 1, 2016. The equipment was sold for $170,000. June 1 Sold land for $1,600,000. The land cost $1,000,000. July 1 Purchased equipment for $1,100,000. Dec. 31 Retired equipment that cost $700,000 when purchased on December 31, 2013. No salvage value was received. Instructions a. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) Arnold 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 esti- mated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement b. Record adjusting entries for depreciation for 2023. c. Prepare the plant assets section of Arnold's balance sheet at December 31, 2023. P9.3A (LO 3), AP Pine Company had the following assets on January 1, 2022. Purchase Useful life Item Cost Date (in years) Salvage Value Machinery $71,000 Jan. 1. 2012 10 $ -0- Forklift 30,000 Jan 1, 2019 5 c. Tot. plant assets $50,037,500 Journalize entries for disposal of plant assets. PS 9 11 8:11 PM 10/29/2020
