Problem 9-5A

ACCT 2301 TD016 (05/14/18-07/06/18) online / Lesson 9/Chapter 9 Graded Homework Problem 9-5A At December 31, 2017, Grand Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings12.170,000 1,120,000 3,770,000 $27,290,000 48,020,000 Less: Accumulated depreciation-equipment 4.Ss0,000 43,470,000 Total plant assets $62,360,000 During 2018, the following selected cash transactions occurred. Purchased land for $2,190,000. Sold equipment that cost $900,000 when purchased on January 1, 2014. The equipment was sod for $540,000. Sold land purchased on June 1, 2008 for $1,540,000. The land cost $394,000 Purchased equipment for $2,530,000. Retired equipment that cost $491,000 when purchased on December 31, 2008. The company received no proceeds related to salvage April 1 May1 June 1 July 1 Dec. 31 Journalize the above transactions. The company uses straight-line depredation for buildings and equipment. The buildings are estimated to have 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage vakue. Update depreoation on assets disposed of at the time of sale or retirement. (Credit account tties are autom atically indented when amount is entered Do not indent manually. Record journal entries in the order presented in the problem. I no entry is required, select "No Entry"for the account titdes and enter O for the amounts) Account Titles and Eplanation Date Debit Credit To record depreciatDn) May 1 (To record sale of