Problem 7-4 (Part Level Submission) At January 1, 2017, Oriole Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $62,700,000 Accumulated depreciation equipment 54,100,000 Buildings 97,400,000 Equipment 150,900,000 Land 23,000,000 The company uses straight line depreciation for buildings and equipment, its year and is December 31, and it makes adjustments anually. The buildings are estimated to have a 40-year seate and no salvage vak During 2017, the following selected transactions occurred: Apr 1 Purchased land for $4.50 million. Pald $1.125 million cash and issued a 5-year, 6 note payable for the balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for $330.000 cash. The equipment cost $3.18 million when originally purchased on January 1, 2009 June 1 Sold land for $3.72 million. Received $900,000 cash and accepted a 3-year, 5 note for the balance. The land cost $1.50 million when purchased on June 1, 2011. Interest on the note is due annually each July 1 Purchased equipment for $2.10 million cash Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received your answer is correct. Prepare a tabular summary that includes the property, plant, and equipment balances as of January 1, 2017. (If a transaction causes a decrease in Assets. Llabilities or Stockholders' Equity, pece a negativ Equity Irene that was reduced.) b) and the above transactions in the tabula summary from part (a). (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the ani Assets Liabilities Cash Notes Rec + Interest Rec. + Land + Buildings 97,400,000 Accum. Depe. - Bldg.+ Equipment -62,700,000 150,900,000 Accum. Depr. - Equip. Interest Payable. Notes Payable comme -54,100,000 $ 23,000,000 ay 1 1 net aly 31 31 rentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) bilities Stockholders' Equity Retained Earnings Revenue Expense + Notes Payable + Common Stock + Dividend Problem 7-4 (Part Level Submission) At January 1, 2017, Oriole Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $62,700,000 Accumulated depreciation equipment 54,100,000 Buildings 97,400,000 Equipment 150,900,000 Land 23,000,000 The company uses straight line depreciation for buildings and equipment, its year and is December 31, and it makes adjustments anually. The buildings are estimated to have a 40-year seate and no salvage vak During 2017, the following selected transactions occurred: Apr 1 Purchased land for $4.50 million. Pald $1.125 million cash and issued a 5-year, 6 note payable for the balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for $330.000 cash. The equipment cost $3.18 million when originally purchased on January 1, 2009 June 1 Sold land for $3.72 million. Received $900,000 cash and accepted a 3-year, 5 note for the balance. The land cost $1.50 million when purchased on June 1, 2011. Interest on the note is due annually each July 1 Purchased equipment for $2.10 million cash Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received your answer is correct. Prepare a tabular summary that includes the property, plant, and equipment balances as of January 1, 2017. (If a transaction causes a decrease in Assets. Llabilities or Stockholders' Equity, pece a negativ Equity Irene that was reduced.) b) and the above transactions in the tabula summary from part (a). (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the ani Assets Liabilities Cash Notes Rec + Interest Rec. + Land + Buildings 97,400,000 Accum. Depe. - Bldg.+ Equipment -62,700,000 150,900,000 Accum. Depr. - Equip. Interest Payable. Notes Payable comme -54,100,000 $ 23,000,000 ay 1 1 net aly 31 31 rentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) bilities Stockholders' Equity Retained Earnings Revenue Expense + Notes Payable + Common Stock + Dividend