Prblem 7-4 Mery 1, 2017,Ivad C y he fwg pperts piart, ene equpert acnts Amted 200 Acmeddcatn t 350, 700000 150 2,150,000 bdings toe Land The comoeny us streight ne deprecition fer buildings and eqioment, ts year end s December 31, ane t makes adustments ansty The budings are estinted to tve a0w Ourng 2011, the ng antions cured We and no savage a the egmet is emad toave a 30r e and ne sivae veln Prchd nd for $4o Fa $1100 ion cash and ud payable tor be bteret on the e is seyobe ay n Aor 1 Apr1 Ma s 3-e, Spment t $3n h The apment ost 1.30 n whn ongealy hn ary 1, 200 Jne 1 Sold and fer mn Recved $790,00 csh and accpee 3-, %sete tor the belce The nd cet 51.80 Parchaed pnt for $20mtor cah e pree oJne 1, 201 re on the note s de arnaly each une Dec 31 Reted pnet tet cost 1 mton when purchsed on December 31, 2007 No ceets wee receiee h s the pets, pt, bw y 1,201 atrmac c decease Asets L cde uty eatve ige (r parenes) in tnt af the at er frthe partr Ad Lty y f Assa Stecanr tt ned Eamings Acoum eeBigs tepment Cash Land Accum. Depr Eutp.Interest Payable otes Payable Common Stack Buding Expense Aven Dden r e e vw y S t( he (atr e or ecader ety, ee epe er t d of the amnt aned or e part A y y ear wa adeease in Assets di Betened Earings Cen Accm Dep Acm Dearfee tePaya tes PayleConme Steck and udings nt Revenu Expense ividend n Ar Hay De lery 1,217, Comp pst, net Aca b Amdate dp ugs 235 Lane he w e e g d ,s d br d aT n e n sv h e Apr ay ne y De31 e t 1 phet n y he nt te r aaly ne te t y w t g t af e ty y w a d c ty a t g Cah Bng and g re al h pa y ty wa d tet ing et R tand A e E Ag Me 1 y 3 Problem 7-4 At enary 1, 2017, anhoe Campany ported the fulwing prperty,a, and ouipent a nts Accumulated deprecation-buding Accumlated deprecation-qpent s62850000 53,850,000 Suldings 97,500,000 Equpme Lane 158,750,00 2,350,000 The company s aighe ine drpreciaon for adngs and equment, year and is December 31, ane makes atjumts analy The buldings ae eated to have 40-year te and no salvage valut he ronent ated te eve a- uaet e and ne saage valut During 2017, the folowing selected tranations ocured Purchased nd for $4.40 min Pad 1.30 on cash and aed3vear, %nate pa for the belanoe Irerest on the nete is payable aaly ach April 1 Sold eqment for 330,300 cah The epent ct $3.30 mon en arignaly puchased on January 1, 300 Sold land for $4.a3 maion Recelved $750,000 cah and accepted a 3year, %note for the balance The lend cst $0mnhen pch n ne 1, 201. Ie Purthased equpmnt for $2 me cash Retired eoment that cost $1 on we pnchaed on Decenber 31, Apr. 1 May 1 June 1 aaly each ne July 1 Dec. 31 2007 No preceeds wee received Prpare a tabar sunmary that incudes the property, and, and ent bances as of January 1, 2017 (ara transat caues a decrease in Asses, Lab r tec ers toay acea negative aip (rar hent af the amun etered for the part Asset, Liabn Assela ietis Stechders ty elaned Earning Cash Ntes Ret +Interest Rec. Land Buildings Accum Depr dge teipment Accum Depr Ep Interat Pyable Notes Papale Commn Steck Expense Otviden lan. i www. AR L w Record the abeve transactions in he tabuler sumary frm pat c (aracton ces a decrease n Assets, Liabties or Shackholders Equty, plece nege g(er perethes) ent er the anund ted for e par r Asse Lity r Eqity ite hat wer redeced Assels sbti Malde teaity Relained Earinge Accum Depr. Bg Acnum. Depr-Equip eereat Payable Notes Payable Commn eck Dividend Revear Expense Cash Notes Rec. +Interest Rec Land udings Eepents Apr. 1 May 1 May 1 Jne 1 July 1 Dec 31 Dec. 3 sa hro 74 eary 1, 2012, ne Comoery reseted the towing aets p an eooment o0unes s0000 Acumuaned recato-evnet 0000 0,000 Accumued dgrecation-buiting Bdng teet s750,00 50,000 a The company uses straighe-e deprecuion tor buildngs and equpment, s yeand December 33, andit maes autents annuly The buidings ane etmated to have a 40-ar ued e and no aage ourng 20, e to ed a re Ar. Pre and or s n 1.300 maen can ane a 3ye, noe aye or e bne Intrt on the note is pue anuaty ech Apns 1 vt the equpment s etmaed to havea 10-year uutd ie and no uage ate MaySald eupmee tor $330,00 the oupment cost $3.30 mn en angnay purhased on January 1, 200 e: S nd for .0n Reive s50.0 a ye, % he bece The land st 0nwe purhesed on Je , 201 beest on e note s e y e Jne ayP m to 0e bec 31 Rtre epmet that cot s1 towhen purhsed on December 3, 200 No prceets were eceved epare a ubr suay that indudes he prpets pan, and euipmet b a arStech fouits placeage g(arpar ) ost of the at ened fr he ptil aary 1, 2017. deciA At, bty o Euity that w A Stckdetty Raned tag Expee Notes Rc Intert Rec. Accam Degr.-idg ipmentAccum. Depr.-Equipntereat PayableMates PayableCommon Steck + bdend Cash Land Buding 1 ww ns i the tabuar sunnary frampen mes or Stocaen ety, paceegte porer he oove tion caesa decrease in ds e at the amount eatwed re partouler sset ty ar fouty e thtwree Assets Labi Stockhalders toty 4 Beed Eing AcDapr Eq t Payaeot PayblComma Stack Nabs Re. Intet Re Divident Cash utdngs tenet Revne txpasse Land May1 May 1 Je1 ly i De 31 Dec 31 sm w roblem 7-4 ary ,2017, vwoe Compary rte the fng ts andipmet nts d a .esoo00 Accumuled dprecaton-e t 0000 Budings teene Land 00 0000 250,000 m p de trdndment, ts yearnd Deender 23, and ma ay The g eated to have ar t e andva the un 217, g seeed nret rP ane to s n t300n ne u e ee or he bece terstonhe ote is eatye A 1 Ma S mere or 30,00 he t330n ty ay 1, 200 S n r s0eneet s700 e ,nne for e te The wnd 0 wen pred ne 21 n me noteae t hne t vea10-year u e and re to an ene t nn o Deceer ,200 No eve snnay that ndudes e anpets pa, andones dorese Assas ar St te gar eses) st femt eere er e pt anary 1, 201 toits pece A, aty or tuity e tt CALCULATOR PRINTER VERSEC cts At January 1, 2017, Ivanhoe Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings $62,650,000 53,850,000 97,600,000 150,750,000 20,350,000 Equipment Land 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 i During 2017, the following selected trarsactions occurred: Purchased land for $4.40 million. Paid $1.100 million cash and issued a 3-year, 6 % note payable for the balance. Interest on the note is payable annually each April 1, Sold equipment for $330,000 cash. The equipment cost $3.30 milion when originally purchased on January 1, 2009 Sold land for $4.02 million. Received $750,000 cash and accepted a 3-year, 5 % note for the balance. The land cost $1.80 milion when purchased on June 1, 2011. Interest on the note Purchased equipment for $2.80 million cash Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received. Apr. 1 May 1 Study June 1 July 1 Dec. 31 Prepare a tabular summary that includes the property, plant, and equipment balances as of January 1, 2017. (Ir a transaction causes a decrease in Assets, Liabilitles or Stockholders' Equity Liability or Equity item that was reduced.) Assets Equip.Interest Pam Notes Rec. Accum, Depr, +Interest Rec. Land Accum. Depr,-Bidgs. + Equipment Buildings Cash + Jan. 1 $ VIDEO SOMELAR PROBLEM AUNK TO TEXT NK TO TEVT At January 1, 2017, Ivanhoe Company reported the following property, plant, and equipment accounts: $62,650,000 Accumulated depreciation-bulildings Accumulated depreciation-equipment 53,850,000 Buildings 97,600,000 150,750,000 Equipment Land 20,350,000 The company uses straight-line depreciation for buldings 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 have a 10-year useful life and no salvage value. Duping 2017, the following selected transactions occurred: Purchased land for $4.40 million. Paid $1.100 million cash and issued a 3-year, 6 % note payable for the balance. Interest on the note Is payable annually each April 1. Apr. 1 Sold equipment for $330,000 cash. The equipment cost $3.30 million when originally purchased on January 1, 2009. May 1 Sold land for $4.02 million. Received $750,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.80 million when purchased on June 1, 2011. Interest on the note is due annually each June 1. June 1 Purchased equipment for $2.80 million cash. July 1 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received. Dec. 31 ed A y y e e M d ty Cash erat Re Land ingn A te tert e Py teme lan vee toodend Apr May 1 May 1 ne 1 Dec 3 31 Recand ans antments equed December 31. (r a bection c dcree s ts tes tc e particr At y e f the at y r ty t w reed drty d Earsng Cash Nales Rec +Interest R A b fe taret Faa u Payal C tk ng Am Dep-dg Land venue Dividen n1 Apr May 1 May 3 ne li Jly 1 Dec. 31 Dec 3 Dec 31 Dec 31 Dec 3 Dec 31 rarme a nt andered ta the partir At Libaly r Assts ti hde ety eted Eaminge tpena Accm Depr g teret Payable P e C n Cash Metes Rec +Inbereat Ba ngs Ac Depr Revanue ede Sand + tepent Recond the above ransacons in the tatular sumimay frm part ( (a branction causes a decreane in