At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000 Buildings...

 

  

  

 

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At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000 Buildings Less: Accumulated depreciation-buildings $27,290,000 12,170,000 15,120,000 Equipment 48,020,000 Less: Accumulated depreciation-equipment 4,550,000 43,470,000 Total plant assets $62,360,000 During 2021, the following selected cash transactions occurred. Purchased land for $2,190,000. Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000. April 1 May 1 Sold land purchased on June 1, 2011 for $1,540,000. The land cost $394,000. Purchased equipment for $2,530,000. Retired equipment that cost $491,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. June 1 July 1 Dec. 31 V Vour answer is correct. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 1 Land 2190000 Cash 2190000 May 1 Depreciation Expense 30000 Accumulated Depreciation-Equipment 30000 (To record depreciation) May 1 Cash 540000 Accumulated Depreciation-Equipment 390000 Equipment 900000 Gain on Disposal of Plant Assets 30000 (To record sale of equipment) June 1 v Cash 1540000 Gain on Disposal of Plant Assets 1146000 Land 394000 July 1 Equipment 2530000 Cash 2530000 Dec. 31 v Depreciation Expense 49100 Accumulated Depreciation-Equipment 49100 (To record depreciation) Dec. 31 v Accumulated Depreciation-Equipment 491000 Equipment 491000 (To record retirement of equipment) Vour answer is correct. Record adjusting entries for depreciation for 2021. (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 Dec. 31 V [Depreciation Expense 545800 Accumulated Depreciation-Buildings 545800 (To record building depreciation) Dec. 31 v Depreciation Expense 4789400 Accumulated Depreciation-Equipment 4789400 (To record equipment deprecition) Z Your answer is partially correct. Try again. Prepare the plant assets section of Flint's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) Flint Company Balance Sheet (Partial) December 31, 2021 Property Plant and Equipment Land 5566000 Buildings 27290000 Less v 12715800 14574200 Accumulated Depreciation-Buildings Equipment 49159000 Less v 8458400 40700600 Accumulated Depreciation-Equipment 60840800 Total Property Plant and Equipment v Click if you would like to Show Work for this question: Open Show Work At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000 Buildings Less: Accumulated depreciation-buildings $27,290,000 12,170,000 15,120,000 Equipment 48,020,000 Less: Accumulated depreciation-equipment 4,550,000 43,470,000 Total plant assets $62,360,000 During 2021, the following selected cash transactions occurred. Purchased land for $2,190,000. Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000. April 1 May 1 Sold land purchased on June 1, 2011 for $1,540,000. The land cost $394,000. Purchased equipment for $2,530,000. Retired equipment that cost $491,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. June 1 July 1 Dec. 31 V Vour answer is correct. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 1 Land 2190000 Cash 2190000 May 1 Depreciation Expense 30000 Accumulated Depreciation-Equipment 30000 (To record depreciation) May 1 Cash 540000 Accumulated Depreciation-Equipment 390000 Equipment 900000 Gain on Disposal of Plant Assets 30000 (To record sale of equipment) June 1 v Cash 1540000 Gain on Disposal of Plant Assets 1146000 Land 394000 July 1 Equipment 2530000 Cash 2530000 Dec. 31 v Depreciation Expense 49100 Accumulated Depreciation-Equipment 49100 (To record depreciation) Dec. 31 v Accumulated Depreciation-Equipment 491000 Equipment 491000 (To record retirement of equipment) Vour answer is correct. Record adjusting entries for depreciation for 2021. (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 Dec. 31 V [Depreciation Expense 545800 Accumulated Depreciation-Buildings 545800 (To record building depreciation) Dec. 31 v Depreciation Expense 4789400 Accumulated Depreciation-Equipment 4789400 (To record equipment deprecition) Z Your answer is partially correct. Try again. Prepare the plant assets section of Flint's balance sheet at December 31, 2021. (List Plant Assets in order of Land, Buildings and Equipment.) Flint Company Balance Sheet (Partial) December 31, 2021 Property Plant and Equipment Land 5566000 Buildings 27290000 Less v 12715800 14574200 Accumulated Depreciation-Buildings Equipment 49159000 Less v 8458400 40700600 Accumulated Depreciation-Equipment 60840800 Total Property Plant and Equipment v Click if you would like to Show Work for this question: Open Show Work