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Problem 9-05A a1-c (Video) At December 31, 2020, Swifty Corporation reported the following as plant assets. $ 3,980,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets $28,210,000 1 3,200,000 48,670,000 4,980,000 15,010,000 43,690,000 $62,680,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,200,000. May 1 Sold equipment that cost $840,000 when purchased on January 1, 2017. The equipment was sold for $504,000. June 1 Sold land purchased on June 1, 2011 for $1,450,000. The land cost $399,000. July 1 Purchased equipment for $2,480,000. Dec. 31 Retired equipment that cost $491,000 when purchased on December 31, 2011. The company received no proceeds related to salvage Record adjusting entries for depreciation for 2021. (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 for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31. Depreciation Expense Accumulated Depreciation Buildings (To record building depreciation) Depreciation Expense Dec. 31 Accumulated Depreciation Equipment (To record equipment depreciation) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEKT LINK TO TEXT VIDEO, SIMILAR PROBLEM Prepare the plant assets section of Swifty's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) Swifty Corporation Balance Sheet (Partial) December 31, 2021 Plant Assets Land Buildings Less Accumulated Depreciation Buildings Equipment Less Accumulated Depreciation-Equipment Total Plant Assets LINK TO TEXT LINK TO TEKTLINK TO TEXT VIDEO: SIMILAR PROBLEM Snd Managerial, je Hell System Announcements CALCULATOR PRINTER VERSION 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 retiremeni (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 for the amounts.) BACK Date Account Titles and Explanation Apr. 1 Land Debit Credit Cash 2200000 May 1 Depreciation Expense 2200000 20000 Accumulated Depreciation Equipment To record depreciation) May 1 # Cash 28000 Accumulated Depreciation Equipment 504000 Equipment 364000 Gain on Disposal of Plant Assets 840000 (o record sale of equipment) Cash 28000 June 1 : Land 1450000 Gain on Disposal of Plant Assets 399000 1051000 July 1 9 Equipment 2480000 Cash 2480000 Dec. 31 4 Depreciation Expense 50100 50100 Accumulated Depreciation-Equipment (To record depreciation) Dec. 31 : Accumulated Depreciation Equipment 501000 Equipment 501000 (To record retirement of equipment)
