Problem 10-5A

Problem 10-5A At December 31, 2017, Grand Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation- buildings 12,170,000 15,120,000 Equipment Less: Accumulated depreciation-equipment 4.550,000 43,470,000 $ 3,770,000 $27,290,000 48,020,000 Total plant assets $62,360,000 During 2018, the following selected cash transactions occurred. April 1 May 1 Purchased land for $2,190,000. Sold eauipment that cost $900,000 when purchased on January 1. 2014. The equipment was sold for $540,000. 1Sold land purchased on June 1, 2008 for $1.540,000. The land cost $394,000 Buly 1 Purchased equipment for $2,530,000 Dec. 31 Retired equipltent that cost $491.000 when purchased on December 31, 2008. No salvage value was received. ournalize the above transactions. The company uses straight-line depreciation for buidings and equipment. The buildings are value. The equipment is estimated to have a 10-vear useful life and no salvage value. Update depreciation on assets disposed account titles are automatically indented when amount is entered. Do not indent manually. Record journal entrie entry is required, select "No Entry for the account titles and enter O for the amounts.) no GB12 (1).doc 2.GB12.doc Employee Benefit S...pdf