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Updated Blossom Stores, Inc., sells electronics and appliances. The excerpts that follow are adapted from Blossom's financial statements for 2021 and 2020. (Click the icon
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Blossom Stores, Inc., sells electronics and appliances. The excerpts that follow are adapted from Blossom's financial statements for 2021 and 2020. (Click the icon to view the partial balance sheet and cash flow statement.) Read the requiroments: Requirement 1. How much was Blossom's cost of plant assets at March 31, 2021? How much was the book value of plant assets? Show computaticns. (Enter amounts in millions as provided in the problem statement.) The cost of plant assets at March 31, 2021 is milion. Determine the formula and enter the amounts to calculate the book value of plant assets at March 31, 2021. =Bookvalue= Requirement 2. The financial statements provide three pieces of ovidence that Blossom purchased plant assets and goodwill during fiscal year 2021. What are they? 2. 3 Requirement 3. T-accounts for Property, Plant, and Equipment; Accumulated Depreciation; and Goodwill have been prepared for you. Fill in the T-accounts with information from the comparative balance sheets and cash flow statements. Label each increase or decrease and give its dollar amount. (Abbreviation used: Accum. Depr: = Accumulated Depreciation. Enter amounts in millions as provided in the problem statement.) Blossom Stores, Inc., sells electronics and appliances. The excerpts that follow are adapted from Blossom's financial statements for 2021 and 2020. (Click the icon to vlew the partial balance sheot and cash flow statement.) Read the reguitements. Requirement 3. T-accounts for Property, Plant, and Equipment; Accumulated Depreciation; and Goodwill have been prepared for you. Fill in the T-accounts with information from the comparative balance sheets and cash fow statements. Label each increase or decrease and give its dollar amount. (Abbreviation used: Accum. Depr, = Accumulated Depreciation. Enter amounts in millions as provided in the problem statement.) Begin by completing the T-account for Property. Plant, and Equipment. Next, complete the T-account for Accumulated Depreciation. Blossom Stores, Inc., sells electronics and appliances. The excerpts that follow are adapted from Blossorn's financial statements for 2021 and 2020. (Click the icon to view the partial balance sheet and cash flow statement.) Read the Next, complete the T-account for Accumulated Depreciation. Finally, complete the T-account for Goodwill. Requirement 4. Prepare the joumal entry for the sale of property, plant, and equipment in 2021. (Record debits first, then credite. Exclude explanations from joumal entries. Enter amounti in millions as provided in the problem statement:) Blossom Stores, Inc., sells electronics and appliances. The excerpts that follow are adapted from Blossom's financial statements for 2021 and 2020. (Click the ioon to view the partial balance sheet and cash flow statement) Read the Requirement 4. Propare the journal entry for the sale of property, plant, and equipment in 2021, (Record debits firht, then crodits. Exclude explanations from joumal entres. Enter amounts in millions as provided in the problem statement. Data table 's financial stateme pok value of plant as 21. assets and goodwill Data table i's financial state bok value of plant 21. assets and goodwil Requirements 1. How much was Blossom's cost of plant assets at March 31, 2021? How much was the book value of plant assets? Show computations. 2. The financial statements provide three pieces of evidence that Blossom purchased plant assets and goodwill during fiscal year 2021. What are they? 3. T-accounts for Property, Plant, and Equipment; Accumulated Depreciation; and Goodwill have been prepared for you. Fill in the T-accounts with information from the comparative balance sheets and cash flow statements. Label each increase or decrease and give its dollar amount. 4. Prepare the journal entry for the sale of property, plant, and equipment in 2021 Step by Step Solution
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