Maurice Tutor

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Category > Accounting Posted 24 Aug 2017 My Price 15.00

Grand Company

At December 31, 2014, Grand Company reported the following as plant assets.
Land       $ 3,805,000
Buildings   $29,607,000    
Less: Accumulated depreciation-buildings   10,542,000   19,065,000
Equipment   48,381,000    
Less: Accumulated depreciation-equipment   5,188,000   43,193,000
Total plant assets       $66,063,000

During 2015, the following selected cash transactions occurred.
April 1   Purchased land for $2,009,000.
May 1   Sold equipment that cost $873,000 when purchased on January 1, 2011. The equipment was sold for $523,800.
June 1   Sold land purchased on June 1, 2005 for $1,530,000. The land cost $391,000.
July 1   Purchased equipment for $2,542,000.
Dec. 31   Retired equipment that cost $500,000 when purchased on December 31, 2005. No salvage value was received.
 
Partially correct answer. Your answer is partially correct. Try again.
   
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.)
Date Account Titles and Explanation Debit Credit
Apr. 1
 
       
May 1
 
  (To record depreciation)    
May 1
 
 
 
  (To record sale of equipment)    
June 1
 
 
       
July 1
 
       
Dec. 31
 
  (To record depreciation)    
Dec. 31
 
  (To record retirement of equipment)    
 

SHOW LIST OF ACCOUNTS
LINK TO TEXT
Partially correct answer. Your answer is partially correct. Try again.
   
Record adjusting entries for depreciation for 2015.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
Dec. 31
 
  (To record building depreciation)    
Dec. 31
 
  (To record equipment deprecition)    
 

SHOW LIST OF ACCOUNTS
LINK TO TEXT
Partially correct answer. Your answer is partially correct. Try again.
   
Prepare the plant assets section of Grand’s balance sheet at December 31, 2015.(List Plant Assets in order of land, buildings and equipment.)
Grand Company
Balance Sheet (Partial)
December 31, 2015
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesPlant AssetsRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Plant AssetsTotal RevenuesTotal Stockholders' Equity            
        $  
    $      
Add Less :        
         
Add Less :        
Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Plant Assets Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Plant Assets Total Revenues Total Stockholders' Equity         $  

 

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Aug 2017 11:08 PM My Price 15.00

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