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Need Help filling out these blanks!! Problem 9-4A At January 1, 2017, Sandhill Co. reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $60,700,000
Need Help filling out these blanks!!
Problem 9-4A At January 1, 2017, Sandhill Co. reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $60,700,000 Accumulated depreciation-equipment 54,600,000 Buildings Equipment Land 97,400,000 150,800,000 21,000,000 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 2017, the following selected transactions occurred. Apr. 1 Purchased land for $4.7 million. Paid $1.175 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April edn 5ion Sold equipment for $230,000 cash. The equipment cost $3.84 million when originally purchased on January 1, 2009. Sold land for $4.89 million. Received $900,000 million cash and accepted a 3-year, 5% note for the balance. The land cost $1.30 million when purchased on June 1, 2011. Interest on the note is due annually each June 1 Purchased equipment for $2.40 million cash. Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received May 1 June 1 July 1 Dec. 31Step by Step Solution
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