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ive posted the whole question and answers , but only need help on the record adjusting entries for deprecation for 2018 & partial balance sheet

ive posted the whole question and answers , but only need help on the record adjusting entries for deprecation for 2018 & partial balance sheet image text in transcribed
image text in transcribed
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At December 31, 2017,Grouper Corporation reported the following plant assets. 3,783000 Land Buildings $26,570,000 Less: Accumulated depreciation-buildings 15,037.425 11,532.575 50,440,000 Equipment Less: Accumulated depreciation-equipment 6.305,000 44,135,000 Total plant assets $59,450,575 During 2018, the following selected cash transactions occurred Apr. 1 Purchased land for $2.774,200. May 1 Sold equipment that cost $756,600 when purchased on January 1,2011. The equipment was sold for $214,370 June 1 Sold land for $2.017,600. The land cost $1,261,000. July 1 Purchased equipment for $1,387,100. Dec. 31 Retired equipment that cost $882,700 when purchased on December 31,2008.No salvage value was received Your answer is correct Journalize the transactions. Grouper 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 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. (Record entries in the order displayed in the problem stotement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit April 1Land 2774200 Cash 2774200 May 1 Depreciation Expense 25220 Date Account Titles and Explanation Debit Credit 2774200 April 1Land 2774200 Cash 25220 May 1 Depreciation Expense Accumulated Depreciation-Equipment 25220 To record depreciation on equipment sold) 214370 Cash Accumulated Depreciation-Equipment 554840 756600 12610 Gain on Disposal of Plant Assets June 1Cash 2017600 Land 1261000 Gain on Disposal of Plant Assets 756600 July 1 | | Equipment 1387100 Cash 1387100 Dec. 31 Depreciation Expense 88270 Accumulated Depreciation Equipment 88270 To record depreciation on equipment retired Accumulated Depreciation-Equipment 882700 Equipment 882700 Record adjusting entries for depreciation for 2018. (Credit account titles are autom no entry is required, select "No Entry' for the account titles and enter O for the amounts) atically indented when amount is entered. Do not indent manually.If Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 664250 Accumulated Depreciation-Buildings 664250 (To record depreciation on buildings) Dec. 31 Depreciation Expense 037695 Accumulated Depreciation-Equipment 5037695 (To record depreciation on equipment.) eTextbook and Media Prepare the plant assets section of Grouper's balance sheet at December 31,2018.(Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) (List Plant Assets in order of Lond, Building and Equipment.) GROUPER CORPORATION Partial Balance Sheet For the Year Ended December 31, 2018 Plant Assets 5296200 Land 26570000 Less 10868325 15701675 Accumulated Depreciation-Building 50187800 Less v 40206985 9980815 Accumulated Depreciation-Equipment 56371510 Total Plant Assets

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