Question: Apparently Notes payable is the wrong answer, not sure what else it could be. Question 1 At January 1, 2022, Sunland Company reported the following
Apparently Notes payable is the wrong answer, not sure what else it could be. 
Question 1 At January 1, 2022, Sunland Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings Equipment Land $63,600,000 52,050,000 97,600,000 150,800,000 21,800,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. The buildings are life and no salvage value. During 2022, the following selected transactions occurred: Apr. 1 May 1 June 1 Purchased land for $4.10 million. Paid $1.025 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April 1. Sold equipment for $350,000 cash. The equipment cost $3.30 million when originally purchased on January 1, 2014. Sold land for $4.02 million. Received $600,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.80 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. Purchased equipment for $2.50 million cash. Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received. July 1 Dec. 31 (a) Your answer is partially correct. Try again. Journalize the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry Date Account Titles and Explanation Debit Credit April 1 Land 4100000 cash 1025000 Notes Payable 3075000 Notes Payable DepreCIACIOTT Lapens | May 1 110000 Accumulated Depreciation Equipment 110000 (To record depreciation expense) May 1 Loss on Disposal of Plant Assets 200000 Accumulated Depreciation-Equipment 275000011 cash II 350000 Equipment 3300000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
