Problem 10 5A At December 31, 2017, Grand Company reported the following as plant assets Land $ 4,380,000 Buildings $27,460,000 Less Accumulated depreciationbuildings 13,430,000 14,030,000 Equipment 47,130,000 Less Accumulated depreciationequipment 4,620,000 42,510,000 Total plant assets $60,920,000 During 2018, the following selected cash transactions occurred April 1 Purchased land for $2,020,000 May 1 Sold equipment that cost $630,000 when purchased on January 1, 2014 The equipment was sold for $378,000 June 1 Sold land purchased on June 1, 2008 for $1,600,000 The land cost $400,000 July 1 Purchased equipment for $2,540,000 Dec 31 Retired equipment that cost $504,000 when purchased on December 31, 2008 No salvage value was received Partially correct answer Your answer is partially correct Try again Journalize the above transactions The company uses straight line depreciation for buildings and equipment The buildings are estimated to have a 50 year life and no salvage value The equipment is 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 titles are automatically indented when amount is entered Do not indent manually Record journal entries in the order presented in the problem If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Problem1 At December 31, 2017, Grand Company reported the following as plant assets Land Buildings Less Accumulated depreciation buildings 13,430,000 14,030,000 Equipment Less Accumulated depreciation equipment 4,620,000 42,510,000 $ 4,380,000 $27,460,000 47,130,000 Total plant assets During 2018, the following selected cash transactions occurred April 1 May 1 June 1 July 1 Dec 31 Purchased land for $2,020,000 Sold equipment that cost $630,000 when purchased on January 1, 2014 The equipment was sold for $378,000 Sold land purchased on June 1, 2008 for $1,600,000 The land cost $400,000 Purchased equipment for $2,540,000 Retired equipment that cost $504,000 when purchased on December 31, 2008 No salvage value was received Your answer is partially correct Try again Journalize the above transactions The company uses straight line depreciation for buildings and equipment The buildings are estimated to have a 50 year life and no salvage value The equipment is 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 titles are automatically indented when amount is entered Do not indent manually Record journal entries in the order presented in the problem If no entry is required, select No Entry for the account titles and enter O for the amounts )

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Problem 10-5A At December 31, 2017, Grand Company reported the following as plant assets. Land $ 4,380,000 Buildings $27,460,000 Less: Accumulated depreciationbuildings 13,430,000 14,030,000 Equipment

Problem 10-5A At December 31, 2017, Grand Company reported the following as plant assets. Land $ 4,380,000 Buildings $27,460,000 Less: Accumulated depreciationbuildings 13,430,000 14,030,000 Equipment 47,130,000 Less: Accumulated depreciationequipment 4,620,000 42,510,000 Total plant assets $60,920,000 During 2018, the following selected cash transactions occurred. April 1 Purchased land for $2,020,000. May 1 Sold equipment that cost $630,000 when purchased on January 1, 2014. The equipment was sold for $378,000. June 1 Sold land purchased on June 1, 2008 for $1,600,000. The land cost $400,000. July 1 Purchased equipment for $2,540,000. Dec. 31 Retired equipment that cost $504,000 when purchased on December 31, 2008. No salvage value was received. Partially correct answer. Your answer is partially correct. Try again. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is 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 titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) image text in transcribed

Problem1 At December 31, 2017, Grand Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings 13,430,000 14,030,000 Equipment Less: Accumulated depreciation-equipment 4,620,000 _42,510,000 $ 4,380,000 $27,460,000 47,130,000 Total plant assets During 2018, the following selected cash transactions occurred April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,020,000 Sold equipment that cost $630,000 when purchased on January 1, 2014. The equipment was sold for $378,000. Sold land purchased on June 1, 2008 for $1,600,000. The land cost $400,000. Purchased equipment for $2,540,000 Retired equipment that cost $504,000 when purchased on December 31, 2008. No salvage value was received Your answer is partially correct. Try again Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is 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 titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)