Problem 10-05A a-c

O w Wiley FLUS Help System Announcements , 13e CALCULATOR Problem 10-05A a-c (Video) At December 31, 2020, Martinez Company reported the following as plant assets. PRINTER VERSION Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $ 3.860,000 $28,520,000 12,200,000 16,320,000 48,380,000 5,220,000 43,160,000 $63,340,000 During 2021, the following selected cash transactions occurred. April : Purchased land for $2,080,000 May 1 Sold equipment that cost $1,170,000 when purchased on January 1, 2017. The equipment was sold for $702,000. June 1 Sold land purchased on June 1, 2011 for $1,430,000. The land cost $409,000 July 1 Purchased equipment for $2,550,000 Dec. 31 Retired equipment that cost 5515,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Your answer is correct. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year fe and no salvage value. The equipment 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. (Credit account oties are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem the entry is required, elect"No Entry for the account bies and enter for the amounts) Debit Credit Date Account Tities and Explanation AC ulard 2000000 Can 2000000 Depreciation Expone 39000 Accumulated Depreciation Event 33000 Te recordation) Weygandt, Accounting Principles, 13e Help System Announcements CALCULATOR PRINTER VE LINK TO TEXT LINK TO TEXT LINK TO TEXT E] Your answer is partially correct. Try again. Record adjusting entries for depreciation for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record for order presented in the problem. If no entry is required, select "No Entry" for the account cities and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31 Depreciation Expense 570400 Accumulated Depreciation-Buildings (To record building depreciation) Dec. 31 Depreciation Expense Accumulated Depreciation Equipment (To record equipment deprecition) LINK TO TEXT LINK TO TEXT LINK TO TEXT 2 your answer is partially correct. Try again. Prepare the plant assets section of Martinez's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) Martinez Company Balance Sheet(Partial December 31, 2021 Help System Announcements CALCULATOR PRINTERE Your answer is partially correct. Try again. Prepare the plant assets section of Martinez's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Bulidings and Equipment) Martinez Company Balance Sheet (Partial) December 31, 2021 Property Plant and Equipment Land 28520000 Buildings Less Accumulated Depreciation-Buildings Equipment Less Accumulated Depreciation Equipment . Total Property Plant and Equipment Click if you would like to Show Work for this question: Open Show Work VIDEO SEXTAR ROLIN LINK TO TEXT LINK TO TEXT LINK TO TEXT SAVE MORE Question Attempts: Unlimited