Question: Please show how the work is done. Not just an answer. Thanks At December 31,2022 , Sarasota Company reported the following as plant assets. During




Please show how the work is done. Not just an answer. Thanks
At December 31,2022 , Sarasota Company reported the following as plant assets. During 2023 , the following selected cash transactions occurred. April 1 Purchased land for $2,170,000. May 1 Sold equipment that cost $750,000 when purchased on January 1, 2019. The equipment was sold for $450,000. June 1 Sold land purchased on June 1,2013 for $1,510,000. The land cost $393,000. July 1 Purchased equipment for $2,510,000. Dec. 31 Retired equipment that cost $498,000 when purchased on December 31,2013. 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 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. (List all debit entries before credit entries. 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 a Accumulated Depreciation-Equipment 498000 Equipment 498000 (To record retirement of equipment) Record adjusting entries for depreciation for 2023. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record ournal 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.) Prepare the plant assets section of Sarasota's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment.) Sarasota Company Balance Sheet (Partial) December 31, 2023 Property Plant and Equipment Land $ Buildings $28180000 Less v: Accumulated Depreciation-Buildings \begin{tabular}{|l|l|} \hline 12383600 & i \\ \hline \end{tabular} 15796400 Equipment Accumulated Depreciation-Equipment Total Property Plant and Equipment $
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
