Question
problem 9-2A at December 31, navaro corporation reported the following plant assets. land $5,943,000 buildings $32,790,000 less: accumulated depreciation -buildings 23,623,425 (9,166,575) equipment $79,240,000 less:
problem 9-2A at December 31, navaro corporation reported the following plant assets. land $5,943,000 buildings $32,790,000 less: accumulated depreciation -buildings 23,623,425 (9,166,575) equipment $79,240,000 less: accumulated depreciation -equipment 9,905,000 (69,335,000) total plant assets 84,444,575
During 2015, the following selected cash transactions occurred. April 1 purchased land for $4,358,200. May 1 sold equipment that cost $1,188,600 when purchased on January 1, 2008 . The equipment was sold for $336,770. June 1 sold land for $3,169,600. The land cost $1,981,000. July 1 purchased equipment for $2,179,100. December 31 retired equipment that cost $1,386,700 when purchased on December 31, 2005. No salvage valued was received. Journalize the transactions. Navaro uses straight line depreciation for buildings and equipment. The buildings are estimated to have 40 year useful life and no salvage value; the equipment is estimated to have a 10 year useful life and mo salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
I posted this question about two days ago but did not get a full answer back meaning I did not received the an answer to Navaro partial balance sheet December 31,2015. Can someone please answer the following : journalize the transactions, Record adjusting entries for depreciation for 2015,and prepare the plant assets section of Navaro's balance sheet December 31, 2015. (Hint: you may wish to set up T accounts, post beginning balances, and then post 2015 transactions ). Thanks
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