Question
In: Accounting
At December 31, 2017, Blue Corporation reported the following plant assets. Land $ 5,853,000 Buildings $26,740,000...
At December 31, 2017, Blue Corporation reported the following plant assets.
Land
$ 5,853,000
Buildings
$26,740,000
Less: Accumulated depreciation—buildings
23,265,675
3,474,325
Equipment
78,040,000
Less: Accumulated depreciation—equipment
9,755,000
68,285,000
Total plant assets
$77,612,325
During 2018, the following selected cash transactions occurred.
Apr. 1 Purchased land for $4,292,200.
May 1 Sold equipment that cost $1,170,600 when purchased on January 1, 2011. The equipment was sold for $331,670.
June 1 Sold land for $3,121,600. The land cost $1,951,000.
July 1 Purchased equipment for $2,146,100.
Dec. 31 Retired equipment that cost $1,365,700 when purchased on December 31, 2008. No salvage value was received.
Partially correct answer. Your answer is partially correct. Try again.
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 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Entry field with correct answer
Entry field with correct answer
Land
Entry field with correct answer
4292200
Entry field with correct answer
Entry field with correct answer
cash
Entry field with correct answer
Entry field with correct answer
4292200
Entry field with correct answer
Entry field with correct answer
Depreciation Expense
Entry field with correct answer
39020
Entry field with correct answer
Entry field with correct answer
Accumulated Depreciation-Equipment
Entry field with correct answer
Entry field with correct answer
39020
(To record depreciation on equipment sold)
Entry field with correct answer
Cash
Entry field with correct answer
331670
Entry field with correct answer
Entry field with correct answer
Accumulated Depreciation-Equipment
Entry field with correct answer
858440
Entry field with correct answer
Entry field with correct answer
Equipment
Entry field with correct answer
Entry field with correct answer
1170600
Entry field with correct answer
Gain on Disposal of Plant Assets
Entry field with correct answer
Entry field with correct answer
19510
Entry field with correct answer
Entry field with correct answer
Cash
Entry field with correct answer
3121600
Entry field with correct answer
Entry field with correct answer
Land
Entry field with correct answer
Entry field with correct answer
1951000
Entry field with incorrect answer now contains modified data
Entry field with correct answer
Entry field with correct answer
1170600
Entry field with correct answer
Entry field with correct answer
Equipment
Entry field with correct answer
2146100
Entry field with correct answer
Entry field with correct answer
Cash
Entry field with correct answer
Entry field with correct answer
2146100
Entry field with correct answer
Entry field with correct answer
Depreciation Expense
Entry field with correct answer
136570
Entry field with correct answer
Entry field with correct answer
Accumulated Depreciation-Equipment
Entry field with correct answer
Entry field with correct answer
136570
(To record depreciation on equipment retired)
Entry field with correct answer
Accumulated Depreciation-Equipment
Entry field with correct answer
1365700
Entry field with correct answer
Entry field with correct answer
Equipment
Entry field with correct answer
Entry field with correct answer
1365700
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Partially correct answer. Your answer is partially correct. Try again.
Record adjusting entries for depreciation for 2018. (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 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Entry field with correct answer
Depreciation Expense
Entry field with correct answer
668500
Entry field with correct answer
Entry field with correct answer
Accumulated Depreciation-Buildings
Entry field with correct answer
Entry field with correct answer
668500
(To record depreciation on buildings.)
Dec. 31
Entry field with correct answer
Depreciation Expense
Entry field with incorrect answer
8164930
Entry field with correct answer
Entry field with correct answer
Accumulated Depreciation-Equipment
Entry field with correct answer
Entry field with incorrect answer
8164930
(To record depreciation on equipment.)
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Partially correct answer. Your answer is partially correct. Try again.
Prepare the plant assets section of Blue’s balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) (List Plant Assets in order of Land, Building and Equipment.)
BLUE CORPORATION
Partial Balance Sheet
Entry field with correct answer
Entry field with correct answer
Entry field with correct answer
Land
$Entry field with correct answer
8194200
Entry field with correct answer
Buildings
$Entry field with correct answer
26740000
Entry field with correct answer: Entry field with correct answer
Accumulated Depreciation-Buildings
Entry field with incorrect answer
22597175
Entry field with incorrect answer
4142825
Entry field with correct answer
Equipment
Entry field with correct answer
77649800
Entry field with correct answer: Entry field with correct answer
Accumulated Depreciation-Equipment
Entry field with incorrect answer
15748480
Entry field with incorrect answer
61801320
Entry field with correct answer
$Entry field with incorrect answer
74138345
Click if you would like to Show Work for this question:
Open Show Work
Solutions
ekkarill92 answered 1 year agoRelated Solutions
At December 31, 2017, Flounder Corporation reported the following plant assets. Land $ 5,883,000 Buildings $26,560,000...
At December 31, 2017, Concord Corporation reported the following plant assets. Land $ 4,068,000 (credit) Buildings...
At December 31, 2017, Flounder Corporation reported the following plant assets. Land $ 5,883,000 Buildings $26,560,000...
At December 31, 2017, Flounder Corporation reported the following plant assets. Land $ 5,883,000 Buildings $26,560,000...
At December 31, 2017, Novak Corporation reported the following plant assets. Land $ 3,198,000 Buildings $26,610,000...
At December 31, 2017, Grand Company reported the following as plant assets. Land $ 4,320,000 Buildings...
At December 31, 2017, Grand Company reported the following as plant assets. Land $ 4,320,000 Buildings...
At December 31, 2017, Grand Company reported the following as plant assets. Land $ 4,320,000 Buildings...
At December 31, 2010, Rijo Corporation reported the following plant assets. Land $ 3,000,000 Buildings $26,500,000...
At December 31, 2017, Grand Company reported the following as plant assets. Land
- Task 3: Research Project (5 marks) You’re investigating a case involving a 2 GB drive that...
- 2. Do you agree with Nietzsche’s claim that “every elevation of the type ‘man’ has hitherto...
- Question: The function predictAnswer should be made based on the following. Your answer must be able...
- A 2.5 mm -diameter sphere is charged to -4.5 nC . An electron fired directly at...
- On June 30, 2017, Wisconsin, Inc., issued $158,250 in debt and 19,400 new shares of its...
- The Ivanhoe Department of Transportation has issued 25-year bonds that make semiannual coupon payments at a...
- Task 1: Investigating Hashing software and the basic usage (total 9 marks) In this task, you...