Problem 9-2A (Part Level Submission)

At December 31, 2017, Bramble Corporation reported the following plant assets.

Land$3,753,000

Buildings$26,750,000

Less: Accumulated depreciationbuildings14,918,175

11,831,825

Equipment50,040,000

Less: Accumulated depreciationequipment6,255,000

43,785,000

Total plant assets$59,369,825

During 2018, the following selected cash transactions occurred.

Apr.1Purchased land for $2,752,200.May1Sold equipment that cost $750,600when purchased on January 1, 2011. The equipment was sold for $212,670.June1Sold land for $2,001,600. The land cost $1,251,000.July1Purchased equipment for $1,376,100.Dec.31Retired equipment that cost $875,700when purchased on December 31, 2008. No salvage value was received.

(a)

Journalize the transactions. Bramble uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a40-year useful life and no salvage value; the equipment is estimated to have a10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.

(a)

Journalize the transactions. Bramble uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a40-year useful life and no salvage value; the equipment is estimated to have a10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.(Record entries in the order displayed in the problem statement. 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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

April 1

May 1

June 1

July 1

Dec. 31

April 1

May 1

June 1

July 1

Dec. 31

(To record depreciation on equipment sold)

April 1

May 1

June 1

July 1

Dec. 31

April 1

May 1

June 1

July 1

Dec. 31

April 1

May 1

June 1

July 1

Dec. 31

(To record depreciation on equipment retired)

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