Requirements

Journalize AntonyLake Resort's plant asset purchase and depreciation transactions for $2022.$

Report plant assets on the December $31,2022$ balance sheet.

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[,$Depreciation Expense $-$ Equipment,$39,600,],[,$Accumulated Depreciation $-$ Equipment,,$39,600]]$

Requirement $2.$ Report plant assets on the December $31,2022,$ balance sheet.

Balance Sheet

Property, plant, and equipment:

Land

$143,000$

Buildings

$703,000$

Less:

Accumulated depreciation

Equipr

Less:

Accumulated depreciation

Total property, plant, and equipment

Data table

a$.$ Purchase price of land, including an old building that will be used for a garage $($land market value is $$310,000$; building market value is $$90,000)$

$$340,000$

b$.$ Grading $($leveling$)$ land

$8,700$

C$.$ Fence around the land

$31,500$

d$.$ Attorney fee for title search on the land

$1,000$

e$.$ Delinquent real estate taxes on the land to be paid by Lancey Supply

$5,100$

f$.$ Company signs at entrance to the property

$1,700$

g$.$ Building permit for the sales building

$500$

h$.$ Architect fee for the design of the sales building

i$.$ Masonry, carpentry, and roofing of the sales building

$31,480$

j$.$ Renovation of the garage building

$510,000$

k$.$ Interest cost on construction loan for sales building

$40,140$

$9,000$

I. Landscaping $($trees and shrubs$)$

$6,200$

m$.$ Parking lot and concrete walks on the property

$52,400$

Answer rating: 100% (QA)

To journalize Antony Lake Resorts plant asset purchase and depreciation transactions for 2022 and to report plant assets on the December 31 2022 balan... View the full answer