Question

Find part C

At December 31, 2017, Grouper Corporation reported the following plant assets.

Land				$ 3,783,000
Buildings		$26,570,000
Less: Accumulated depreciation—buildings		15,037,425		11,532,575
Equipment		50,440,000
Less: Accumulated depreciation—equipment		6,305,000		44,135,000
Total plant assets				$59,450,575

During 2018, the following selected cash transactions occurred.

Apr.	1		Purchased land for $2,774,200.
May	1		Sold equipment that cost $756,600 when purchased on January 1, 2011. The equipment was sold for $214,370.
June	1		Sold land for $2,017,600. The land cost $1,261,000.
July	1		Purchased equipment for $1,387,100.
Dec.	31		Retired equipment that cost $882,700 when purchased on December 31, 2008. No salvage value was received. Prepare the plant assets section of Grouper’s balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.)

Answer 1