It is now December 31, 2022 - using the template provided, prepare the journal entries for the following PP&E transactions that took place during the year. Please show your calculations and round to the nearest dollar:

1. A new greenhouse was purchased on June 1, 2022 for $20,000 cash. The greenhouse is expected to have a useful life of 15 years and a salvage value of $2,500 at the end of its life. Plants considers the greenhouse a building for accounting purposes. Record the purchase and the annual depreciation.

1. A new tractor was purchased on November 1, 2022 for $12,500 cash. The tractor is expected to last 5 years and will be scrapped at the end of its useful life (no salvage value). Record the purchase and the annual depreciation.

1. On February 1, 2022, Plants sold their old tractor for $12,000 cash. At December 31, 2021, the Tractor had an original cost of $24,000 and Accumulated Depreciation of $9,000. The tractor is depreciated on a straight-line basis, at a rate of $3,000 per year. Record the disposal of the tractor.

1. Plants has existing equipment that is depreciated at a rate of $5,000 per year and existing buildings that are depreciated at a rate of $10,000 per year. Record the annual depreciation expense.

Relevant Accounts:

                                           

1000	Cash	2010	Wages Payable
1010	Accounts Receivable	3000	Miranda Cornell, Equity
1015	Allowance for Doubtful Accounts	4000	Sales Revenue - Plants
1020	Interest Receivable	4010	Sales Revenue - Soil
1030	Inventory - Plants	4020	Sales Revenue - Delivery
1040	Inventory - Soil	4030	Gain on Sale
1050	PPE - Equipment	5000	Cost of Goods Sold
1055	Acc. Depreciation - Equipment	5010	Loss on Sale
1060	PPE - Building	5040	Bad Debt Expense
1065	Acc. Depreciation - Building	5050	Salaries Expense
2000	Accounts Payable	5060	Depreciation Expense

Required to prepared 

 Journal Entry Template: 

Entry #	Date	Description	Account #	Account Name	Dr / Cr	Amount
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Answer rating: 100% (QA)

Sure here are the journal entries for the given transactions 1 Purchase of new greenhouse Entry 1 Da... View the full answer