P10 5A (LO 2, 3, 5) At December 31, 2020, Grand Company reported the following as plant assets Journalize a series of equipment transactions related to purchase, sale, retirement, and depreciation Land $4,000,000 Buildings $28,500,000 Less Accumulated depreciationbuildings 12,100,000 16,400,000 Equipment 48,000,000 Less Accumulated depreciationequipment 5,000,000 43,000,000 Total plant assets $63,400,000 During 2021, the following selected cash transactions occurred April 1 Purchased land for $2,130,000 May 1 Sold equipment that cost $750,000 when purchased on January 1, 2017 The equipment was sold for $450,000 June 1 Sold land purchased on June 1, 2011 for $1,500,000 The land cost $400,000 July 1 Purchased equipment for $2,500,000 Dec 31 Retired equipment that cost $500,000 when purchased on December 31, 2011 The company received no proceeds related to salvage Instructions a 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 b Record adjusting entries for depreciation for 2021 Depreciation ExpenseBuildings $570,000 Equipment $4,800,000 c Prepare the plant assets section of Grand's balance sheet at December 31, 2021 Total plant assets $61,760,000 P10 5A Financial Statement Excel (LO 2, 3, 5) At December 31, 2020, Grand Company reported the following as plant assets Journalize a series of equipment transactions related to purchase, sale, retirement, and depreciation $ 4,000,000 16,400,000 Land Buildings Less Accumulated depreciationbuildings Equipment Less Accumulated depreciation equipment Total plant assets $28,500,000 12,100,000 48,000,000 5,000,000 43,000,000 $63,400,000 During 2021, the following selected cash transactions occurred April 1 May 1 June 1 July 1 Dec 31 Purchased land for $2,130,000 Sold equipment that cost $750,000 when purchased on January 1, 2017 The equipment was sold for $450,000 Sold land purchased on June 1, 2011 for $1,500,000 The land cost $400,000 Purchased equipment for $2,500,000 Retired equipment that cost $500,000 when purchased on December 31, 2011 The company received no proceeds related to salvage Instructions a 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 b Record adjusting entries for depreciation for 2021 Depreciation Expense Buildings $570,000 Equipment $4,800,000 c Prepare the plant assets section of Grand's balance sheet at December 31, 2021 Total plant assets $61,760,000

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P10.5A (LO 2, 3, 5) At December 31, 2020, Grand Company reported the following as plant assets. Journalize a series of equipment transactions related to

P10.5A (LO 2, 3, 5) At December 31, 2020, Grand Company reported the following as plant assets. Journalize a series of equipment transactions related to purchase, sale, retirement, and depreciation.

Land

$4,000,000

Buildings $28,500,000

Less: Accumulated depreciationbuildings 12,100,000 16,400,000

Equipment 48,000,000

Less: Accumulated depreciationequipment 5,000,000 43,000,000

Total plant assets

$63,400,000

During 2021, the following selected cash transactions occurred.

April 1 Purchased land for $2,130,000.

May 1 Sold equipment that cost $750,000 when purchased on January 1, 2017. The equipment was sold for $450,000.

June 1 Sold land purchased on June 1, 2011 for $1,500,000. The land cost $400,000.

July 1 Purchased equipment for $2,500,000.

Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2011. The company received no proceeds related to salvage.

Instructions

a. 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. b. Record adjusting entries for depreciation for 2021. Depreciation ExpenseBuildings $570,000; Equipment $4,800,000 c. Prepare the plant assets section of Grand's balance sheet at December 31, 2021. Total plant assets $61,760,000

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P10.5A Financial Statement Excel (LO 2, 3, 5) At December 31, 2020, Grand Company reported the following as plant assets. Journalize a series of equipment transactions related to purchase, sale, retirement, and depreciation. $ 4,000,000 16,400,000 Land Buildings Less: Accumulated depreciationbuildings Equipment Less: Accumulated depreciation equipment Total plant assets $28,500,000 12,100,000 48,000,000 5,000,000 43,000,000 $63,400,000 During 2021, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,130,000 Sold equipment that cost $750,000 when purchased on January 1, 2017. The equipment was sold for $450,000 Sold land purchased on June 1, 2011 for $1,500,000. The land cost $400,000. Purchased equipment for $2,500,000 Retired equipment that cost $500,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Instructions a. 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. b. Record adjusting entries for depreciation for 2021. Depreciation Expense-Buildings $570,000; Equipment $4,800,000 c. Prepare the plant assets section of Grand's balance sheet at December 31, 2021. Total plant assets $61,760,000