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Lets see those accounting skillz At December 31, 2020, Whispering Winds Company reported the following as plant assets. $ 4,490,000 14,380,000 Land Buildings Less: Accumulated
Lets see those accounting skillz
At December 31, 2020, Whispering Winds Company reported the following as plant assets. $ 4,490,000 14,380,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets $27,700,000 13,320,000 47,660,000 5,220,000 42,440,000 $61,310,000 During 2021, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,160,000. Sold equipment that cost $1,020,000 when purchased on January 1, 2017. The equipment was sold for $612,000. Sold land purchased on June 1, 2011 for $1,470,000. The land cost $400,000. Purchased equipment for $2,330,000. Retired equipment that cost $482,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Your answer is correct. 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Prepare the plant assets section of Whispering Winds's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) Whispering Winds Company Balance Sheet (Partial) December 31, 2021 Property Plant and Equipment - Land 6250000 | Buildings 27700000 ss Accumulated Depreciation-Buildings 13874000 13826000 T 48488000 Equipment Less Taccumulated Depreciation-Equipment T Total Property Plant and EquipmentStep by Step Solution
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