Unit 3 Assignment

Question

a

b

c

View Policies Current Attempt in Progress At December 31, 2022 Whispering Winds company reported the following as plant assets. Land $ 4,490,000 $27.700.000 Buildings Less: Accumulated depreciation-buildings Equipment 13,320,000 14.380.000 47.660,000 Less: Accumulated depreciation-equipment 5,220,000 42.440,000 Total plant assets $61.310.000 During 2023. the following selected cash transactions occurred. April 1 May 1 Purchased land for $2.160,000. Sold equipment that cost $1,020,000 when purchased on January 1 2019. The equipment was sold for $612000 Sold land purchased on June 1, 2013 for $1.470.000. The land cost $400.000, June 1 July 1 Purchased equipment for $2.330,000. Retired equipment that cost $482.000 when purchased on December 31 2013. Dec. 31 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. The 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 account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit (To record depreciation) May 1 (To record sale of equipment) > (To record depreciation) (To record retirement of equipment) (b) Record adjusting entries for depreciation for 2023. (List all debit entries before credit entries. Credit account dides 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 account titles and enter for the amounts Date Account Titles and Explanation Debit Credit (To record building depreciation) > (To record equipment deprecition) e Textbook and Media List of Accounts Save for later Attempts: 0 of 5 used Submit Answer 10) Prepare the plant assets section of Whispering Winds's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment.) Whispering Winds Company Balance Sheet (Partial) $ $ : S eTextbook and Media List of Accounts Save for Later Attempts:0 of 5 used Submit