Problem 10-5A in ~ December 3 2017, Grand firm reported th adhering to plant assets. Land 4,360,000 buildings $28,130,000 Less: collected depreciation-buildings 12,490,000 5,640,000 48,640,000 43,350,000 Less: built up depreciation-equipment 5,290,000 $63,350,000 full plant assets during 2018, the following selected cash transactions occurred. April 1 to buy land for $2,050,000. Offered $1,020,000 hen to buy 2014. The equ offered for $612,000. Might June 1 sold land purchase on June 2008 because that $1,560,000. The land expense $403,000. July 1 purchased devices for $2,580,000 Dec. 31 Retired equipment that expense $490,000 as soon as purchased ~ above December 31, 2008. No salvage worth was received


You are watching: At december 31, 2017, grand company reported the following as plant assets.

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Date

Account title and explation

Debit

Credit

 
     

1-Apr

Land

$2,050,000.00

  
 

Cash

 

$2,050,000.00

 
 

(To record acquisition of land)

   
     

1-May

Depreciation Expense

$34,000.00

 

($1020000/10years*4months/12months)

 

Accumulated depreciation-equipment

$34,000.00

 
 

(To document depreciation)

   
     

1-May

Cash

$612,000.00

  
 

Accumulated depreciation-equipment

$442,000.00

 

($1020000/10years*4years+$34,000)

 

Profit on sale of equipment

 

$34,000.00

($612,000+442,000-1,020,000)

 

Equipment

 

$1,020,000.00

 
 

(To record sale that equipment)

   
     

1-Jun

Cash

$1,560,000.00

  
 

Profit on sale of...


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