Business
Financial Accounting
Mayfield, Inc., has the following plant asset accounts: Land, Buildings,

Mayfield, Inc., has the following plant asset accounts: Land, Buildings,

Mayfield, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Mayfield completed the following transactions:

Traded in equipment with accumulated depreciation of $65,000 (cost of $132,000) for similar new equipment with a cash co

Requirement

1. Record the transactions in Mayfield’s journal.

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Traded in equipment with accumulated depreciation of $65,000 (cost of $132,000) for similar new equipment with a cash cost of $180,000. Received a trade-in allowance of $72,000 on the old equipment and paid $108,000 Jan 3 in cash. Sold a building that had a cost of $660,000 and had accumulated depreciation of $135,000 through December 31 of the preceding year. Depreciation is computed using the straight-line method. The building has a 40-year useful life and a residual value of $220,000. Mayfield received $105,000 cash and a $414,500 note receivable. Purchased land and a building for a single price of $370,000 cash. An indepen- dent appraisal valued the land at $147,000 and the building at $273,000. Recorded depreciation as follows: Equipment has an expected useful life of ten years and an estimated residual value of 12% of cost. Depreciation is computed using the double-declining-balance Jun 30 Oct 31 Dec 31 method. Depreciation on buildings is computed using the straight-line method. The new building carries a 40-year useful life and a residual value equal to 20% of its cost.