Question: Need the balance sheet for this !!! Problem 10-5A (Part Level Submission) At December 31, 2017, Grand Company reported the following as plant assets. Land
Need the balance sheet for this !!!
Problem 10-5A (Part Level Submission)
At December 31, 2017, Grand Company reported the following as plant assets.
| Land | $ 4,360,000 | |||
| Buildings | $28,130,000 | |||
| Less: Accumulated depreciationbuildings | 12,490,000 | 15,640,000 | ||
| Equipment | 48,640,000 | |||
| Less: Accumulated depreciationequipment | 5,290,000 | 43,350,000 | ||
| Total plant assets | $63,350,000 |
During 2018, the following selected cash transactions occurred.
| April 1 | Purchased land for $2,050,000. | |
| May 1 | Sold equipment that cost $1,020,000 when purchased on January 1, 2014. The equipment was sold for $612,000. | |
| June 1 | Sold land purchased on June 1, 2008 for $1,560,000. The land cost $403,000. | |
| July 1 | Purchased equipment for $2,580,000. | |
| Dec. 31 | Retired equipment that cost $490,000 when purchased on December 31, 2008. No salvage value was received. |
Prepare the plant assets section of Grands balance sheet at December 31, 2018. (List Plant Assets in order of Land, Buildings and Equipment.)
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