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Please help me with the final solution near the bottom. The Balance Sheet. At December 31, 2017, Bramble Corporation reported the following plant assets. Land
Please help me with the final solution near the bottom. The Balance Sheet.
At December 31, 2017, Bramble Corporation reported the following plant assets. Land $ 3,753,000 Buildings $26,750,000 Less: Accumulated depreciation- 14,918,175 11,831,825 buildings Equipment 50,040,000 Less: Accumulated depreciation- 6,255,000 43,785,000 equipment Total plant assets $59,369,825 1 During 2018, the following selected cash transactions occurred. Apr. Purchased land for $2,752,200. May 1 Sold equipment that cost $750,600 when purchased on January 1, 2011. The equipment was sold for $212,670. June 1 Sold land for $2,001,600. The land cost $1,251,000. July 1 Purchased equipment for $1,376,100. Dec. 31 Retired equipment that cost $875,700 when purchased on December 31, 2008. No salvage value was received. Date Account Titles and Explanation Debit Credit April 1 v Land 2752200 > Cash 2752200 > May 1 Gain on Disposal of Plant Assets 12510 June 1 > Cash 2001600 Land 1251000 Gain on Disposal of Land 750600 July 1 Cash 1376100 Dec. 31 Depreciation Expense 87570 > 87570 Accumulated Depreciation-Equipment (To record depreciation on equipment retired) Accumulated Depreciation Equipment 875700 Equipment 875700 Record adjusting entries for depreciation for 2018. (Credit account titles are automatically indented Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense Date 668750 > 668750 Accumulated Depreciation-Buildings (To record depreciation on buildings.) Dec. 31 Depreciation Expense 4910175 4910175 Accumulated Depreciation-Equipment (To record depreciation on equipment.) Prepare the plant assets section of Bramble's balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions. BRAMBLE CORPORATION Partial Balance Sheet December 31, 2018 Plant Assets Land 5254200 Buildings 26750000 Less 21495800 Accumulated Depreciation-Buildings Equipment 50040000 Less 1313550 Accumulated Depreciation-Equipment X Total Assets 94345150Step by Step Solution
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