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The following journal entries were made by TransSafe Inc. for the existing fixed assets (assets as of September 30, 2020). Thus, the three transactions you
The following journal entries were made by TransSafe Inc. for the existing fixed assets (assets as of September 30, 2020). Thus, the three transactions you have done the accounting for are not included in the following entries: Credit Date December 31, 2020 Account Depreciation Expense - Building Depeciation Expense - Equipment Accumulated Depreciation - Building Accumulated Depreciation - Equipment $ $ Debit 125,000 150,000 $ 125,000 $ 150,000 December 31, 2021 $ $ 100,000 150,000 Depreciation Expense - Building Depeciation Expense - Equipment Accumulated Depreciation - Building Accumulated Depreciation - Equipment $ 100,000 $ 150,000 Prepare the property, Plant, and Equipment schedule for December 31, 2021. Refer to page 1 September 30, 2020 - PPE schedule) for format example. Recommendation: Set-up "T Accounts" and post all journal entries to arrive at the December 31, 2021 property, plant, and equipment balances. Include your "T Account" work in your submission. In the event you submit the incorrect balances, the instructor will be able to assign the maximum points possible by having "T Accounts" to review your work. The following journal entries were made by TransSafe Inc. for the existing fixed assets (assets as of September 30, 2020). Thus, the three transactions you have done the accounting for are not included in the following entries: Credit Date December 31, 2020 Account Depreciation Expense - Building Depeciation Expense - Equipment Accumulated Depreciation - Building Accumulated Depreciation - Equipment $ $ Debit 125,000 150,000 $ 125,000 $ 150,000 December 31, 2021 $ $ 100,000 150,000 Depreciation Expense - Building Depeciation Expense - Equipment Accumulated Depreciation - Building Accumulated Depreciation - Equipment $ 100,000 $ 150,000 Prepare the property, Plant, and Equipment schedule for December 31, 2021. Refer to page 1 September 30, 2020 - PPE schedule) for format example. Recommendation: Set-up "T Accounts" and post all journal entries to arrive at the December 31, 2021 property, plant, and equipment balances. Include your "T Account" work in your submission. In the event you submit the incorrect balances, the instructor will be able to assign the maximum points possible by having "T Accounts" to review your work
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