Carla Vista Corporation had the following transactions. Sold land (cost $11,500) for $15,500. Issued common stock...

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Carla Vista Corporation had the following transactions. Sold land (cost $11,500) for $15,500. Issued common stock at par for $20,000. Recorded depreciation on buildings for $16.500. Paid salaries of $8,500. Issued 1,400 shares of $1 par value common stock for equipment worth $11,200. Sold equipment (cost $9,600, accumulated depreciation $6,720) for $1,152. 1. 2. 3. 4. 5. 6. (a) Your answer is correct. For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) ransaction Account Titles and Explanation Cash Land Gain on Disposal of Plant Assets Debit 15500 Credit 11500 4000 For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) ransaction Account Titles and Explanation 1. 2 3. Land Gain on Disposal of Plant Assets Cash Common Stock Depretim Expense Accumulated Depreciation Buildings Salaries and Wages Expense Equipment Debit 15500 20000 16500 8500 11200 Credit 11500 4000 20000 16500 3. 4 5. Demens istion Expe Accumulated Depreciation Buildings Salaries and Wages Expense Cach Lquipment Common Stock Paid in Capital in Excess of Par Value-Common Stock Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Equipment 16500 8500 11200 1152 6720 1728 16500 8500 1400 9800 9000 (b) For each transaction above, indicate how it would affect the statement of cash flows using the indirect method. (Select "Not Reported" if it is not reported on the statement of cash flows. Select "Not Applicable" if it does not belong to any section.) 1. Cash receipt 2. 3. 4. 5. 6. Gain on disposal of plant assets Cash receipt Depreciation expense Salaries and wages expense Common stock for equipment Cash receipt Loss on disposal of plant assets $ $ $ $ 5 $ $ Carla Vista Corporation had the following transactions. Sold land (cost $11,500) for $15,500. Issued common stock at par for $20,000. Recorded depreciation on buildings for $16.500. Paid salaries of $8,500. Issued 1,400 shares of $1 par value common stock for equipment worth $11,200. Sold equipment (cost $9,600, accumulated depreciation $6,720) for $1,152. 1. 2. 3. 4. 5. 6. (a) Your answer is correct. For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) ransaction Account Titles and Explanation Cash Land Gain on Disposal of Plant Assets Debit 15500 Credit 11500 4000 For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) ransaction Account Titles and Explanation 1. 2 3. Land Gain on Disposal of Plant Assets Cash Common Stock Depretim Expense Accumulated Depreciation Buildings Salaries and Wages Expense Equipment Debit 15500 20000 16500 8500 11200 Credit 11500 4000 20000 16500 3. 4 5. Demens istion Expe Accumulated Depreciation Buildings Salaries and Wages Expense Cach Lquipment Common Stock Paid in Capital in Excess of Par Value-Common Stock Accumulated Depreciation Equipment Loss on Disposal of Plant Assets Equipment 16500 8500 11200 1152 6720 1728 16500 8500 1400 9800 9000 (b) For each transaction above, indicate how it would affect the statement of cash flows using the indirect method. (Select "Not Reported" if it is not reported on the statement of cash flows. Select "Not Applicable" if it does not belong to any section.) 1. Cash receipt 2. 3. 4. 5. 6. Gain on disposal of plant assets Cash receipt Depreciation expense Salaries and wages expense Common stock for equipment Cash receipt Loss on disposal of plant assets $ $ $ $ 5 $ $

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