Probin 9-04 At January 1, 2022, Pharoah Company reported the following property, plant and equipment accounts: accumulated depreciation-buildings 552000,000 Accumulated depreciation equipment 52.750.000 Buildings 97.400.000 Equipment 359.300,000 The company uses straight line depreciation for buildings and equipment, its year and is December 31, and it makes value the equipment is estimated to have a 10-year useful life and no salvage value. using antries anually. The buildings are estimated to have a 10-year useful life and no salvace During 2022. the following selected transactions occurred: 1 Purchased land for $4.30 million Paid $1.075 million cash and issued a 3-vear 6 note payable for the balance. Interest on the note is payable s ally each April 1. May 1 Sold equipment for $20,000 cash. The w oment cost 33.6 million when originally purchased on January 1, 2014 June 1 Sold land for 5.58 millon. Received $500,000 cash and accepted a 3-year 5% note for the balance The land cost $1.30 million when purchased on June 1. 20:5. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2.60 million cash Dec 31 Retired equipment that cost si mision when purchased on December 31, 2012. No proceeds were received Joumalize the above transactions. Credit accountles are automatically indended when the amounts entered. Do notandevat inanually. Il no entry is required, select "No Entry for the account Liches and her for the amounts) Date Account Titles and Explanation Credit (To record depreciation ) To record sale of time) Record any adjusting entries for depreciation required at December 31. (Credit account ttles are automatically Indented when the amount is entered. Do not indent manually. In entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Teles and Explanation Debat Credit Dec. 31 To record dearedation upon for buldings) Dec 31 [To record deration for coupment) Precare the property, plant and equipment section of the company's statement of financial position at December 31. (List Property. Plant and co n t in order of Land Buildings and Equipment.) PHAROAH COMPANY Statement of Financial Position (Partial) December 2022 Click if you would like to show Work for this question: Open Show Work Probin 9-04 At January 1, 2022, Pharoah Company reported the following property, plant and equipment accounts: accumulated depreciation-buildings 552000,000 Accumulated depreciation equipment 52.750.000 Buildings 97.400.000 Equipment 359.300,000 The company uses straight line depreciation for buildings and equipment, its year and is December 31, and it makes value the equipment is estimated to have a 10-year useful life and no salvage value. using antries anually. The buildings are estimated to have a 10-year useful life and no salvace During 2022. the following selected transactions occurred: 1 Purchased land for $4.30 million Paid $1.075 million cash and issued a 3-vear 6 note payable for the balance. Interest on the note is payable s ally each April 1. May 1 Sold equipment for $20,000 cash. The w oment cost 33.6 million when originally purchased on January 1, 2014 June 1 Sold land for 5.58 millon. Received $500,000 cash and accepted a 3-year 5% note for the balance The land cost $1.30 million when purchased on June 1. 20:5. Interest on the note is due annually each June 1. July 1 Purchased equipment for $2.60 million cash Dec 31 Retired equipment that cost si mision when purchased on December 31, 2012. No proceeds were received Joumalize the above transactions. Credit accountles are automatically indended when the amounts entered. Do notandevat inanually. Il no entry is required, select "No Entry for the account Liches and her for the amounts) Date Account Titles and Explanation Credit (To record depreciation ) To record sale of time) Record any adjusting entries for depreciation required at December 31. (Credit account ttles are automatically Indented when the amount is entered. Do not indent manually. In entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Teles and Explanation Debat Credit Dec. 31 To record dearedation upon for buldings) Dec 31 [To record deration for coupment) Precare the property, plant and equipment section of the company's statement of financial position at December 31. (List Property. Plant and co n t in order of Land Buildings and Equipment.) PHAROAH COMPANY Statement of Financial Position (Partial) December 2022 Click if you would like to show Work for this question: Open Show Work