Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please provide the drop down menu answers for the last pic as well! also please include correct negatives and positives theres a drop down menu
please provide the drop down menu answers for the last pic as well! also please include correct negatives and positives
theres a drop down menu on the side such ss (depreciation expense), those need to be answered
At January 1, 2022, Carla Vista Co, reported the following property, plant, and equipment accounts: The company uses straight-line depreciation for buildings and equipment, its year-end is December 31 and it makes adjustments annually. The buildings are estimated to have a 40 -year useful life and no salvage value; the equipment is estimated to hare a 10 -year useful life and no salvage value. During 2022 , the following selected transactions occurred: Apr. 1 Purchased land for $5 million. Paid $1 million cash and issued a 3 -year, 6% note payable for the balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for $270,000cash. The equipment cost $2 million when originally purchased on January 1,2014 June 1 Sold land for $4 million. Received $780,000 cash and accepted a 3 -year, 5% note for the balance. The land cost $2 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2 million cash. Dec, 31 Retired equipment that cost $1 million when purchased on December 31,2012 No proceeds were recelved Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started