& Your answer is partially correct. Prepare the plant assets section of Blue's balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2023 transactions.) (List Plant Assets in order of Land, Building and Equipment.) BLUE CORPORATION Partial Balance Sheet December 31, 2023 Plant Assets land 4548000 Buildings 26520000 Less : Accumulated Depreciation-Buildings 663000 27183000 Equipment Less : Accumulated Depreciation-Equipment 5950300 59977000 Total Plant Assets 85094700 At December 31, 2022, Blue Corporation reported the following plant assets. Land $4,548,000 Buildings $26,520,000 Less: Accumulated depreciation-buildings 18,078,300 8,441,700 Equipment 60,640,000 Less: Accumulated depreciation equipment 7,580,000 53.060.000 Total plant assets $66,049,700 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,335,200. May 1 Sold equipment that cost $909,600 when purchased on January 1, 2016. The equipment was sold for $257,720. June 1 Sold land for $2,425,600. The land cost $1,516,000. July 1 Purchased equipment for $1,667,600. Dec. 31 Retired equipment that cost $1,061,200 when purchased on December 31, 2013. No salvage value was received. Journalize the transactions. Blue uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful 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 retirement. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit April 1 + Land 3335200 cash 3335200 May 1 + Depreciation Expense 30320 Accumulated Depreciation-Equipment 30320 (To record depreciation on equipment sold) cash 257720 Accumulated Depreciation-Equipment 667040 Gain on Disposal of Plant Assets 15160 Equipment 909600 June 1 + cash 2425600 land 1516000 909600 Equipment 1667600 cash 1667600 Dec. 31 Depreciation Expense 106120 Accumulated Depreciation-Equipment 106120 (To record depreciation on equipment retired) Accumulated Depreciation-Equipment 1061200 Equipment 1061200 eTextbook and Media List of Accounts Your answer is correct. Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no ent Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 663000 Accumulated Depreciation-Buildings 663000 (To record depreciation on buildings.) Dec. 31 Depreciation Expense 5950300 Accumulated Depreciation-Equipment 5950300 (To record depreciation on equipment.)
