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Presentation/PPT
27/08/2022
I am working on accounting 2 problem 10-5A
Problem 10-5A
At December 31, 2017, Grand Company reported the following as plant assets.
Land$ 3,670,000
Buildings$27,580,000
Less: Accumulated depreciation—buildings12,950,00014,630,000
Equipment48,100,000
Less: Accumulated depreciation—equipment4,630,00043,470,000
Total plant assets$61,770,000
During 2018, the following selected cash transactions occurred.
April 1Purchased land for $2,040,000.
May 1Sold equipment that cost $1,140,000 when purchased on January 1, 2014. The equipment was sold for $684,000.
June 1Sold land purchased on June 1, 2008 for $1,600,000. The land cost $392,000.
July 1Purchased equipment for $2,300,000.
Dec. 31Retired equipment that cost $514,000 when purchased on December 31, 2008. No salvage value was received.
Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. 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
Land
2,040,000
Cash
2,040,000
Depreciation Expense
38,000
Accumulated Depreciation-Equipment
38,000
(To record depreciation)
May 1
Cash
648,000
Accumulated Depreciation-Equipment
494,000
Equipment
1,140,000
Gain on Disposal of Plant Assets
38,000
(To record sale of equipment)
Cash
1,600,000
Land
392,000
Gain on Disposal of Plant Assets
1,208,000
Equipment
2,300,000
Cash
2,300,000
Depreciation Expense
51,400
Accumulated Depreciation-Equipment
51,400
(To record depreciation)
Accumulated Depreciation-Equipment
514,000
Equipment
514,000
(To record retirement of equipment)
Record adjusting entries for depreciation for 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. 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
Depreciation Expense
551,600
Accumulated Depreciation-Buildings
551,600
(To record building depreciation)
Depreciation Expense
250,540
Accumulated Depreciation-Equipment
250,540
(To record equipment deprecition)
Prepare the plant assets section of Grand’s balance sheet at December 31, 2018. (List Plant Assets in order of Land, Buildings and Equipment.)
Grand Company
Balance Sheet (Partial)
Land
$
5,710,000
Buildings
$
27,580,000
less:
Accumulated Depreciation-Buildings
13,469,000
14,111,000
Equipment
less:
Accumulated Depreciation-Equipment
I need help calculating the equipment and the accumulated Depreciation- equipment.
can any one help me with these two?
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