ACCN 2010 Chapter 9 Assignment | Tulane University
- Tulane University / ACCN 2010
- 11 Jul 2021
- Price: $10
- Accounting & Economics Assignment Help / Finance
ACCN 2010 Chapter 9 Assignment | Tulane University
ACCN 2010
At December 31,
2022, Bramble Corporation reported the following plant assets.
|
Land |
$ 4,278,000 |
|||
|
Buildings |
$26,530,000 |
|||
|
Less: Accumulated depreciation—buildings |
17,005,050 |
9,524,950 |
||
|
Equipment |
57,040,000 |
|||
|
Less: Accumulated depreciation—equipment |
7,130,000 |
49,910,000 |
||
|
Total plant assets |
$63,712,950 |
During 2023, the following selected cash transactions occurred.
|
Apr. |
1 |
Purchased land for $3,137,200. |
|
|
May |
1 |
Sold equipment that cost $855,600 when purchased on
January 1, 2016. The equipment was sold for $242,420. |
|
|
June |
1 |
Sold land for $2,281,600. The land cost $1,426,000. |
|
|
July |
1 |
Purchased equipment for $1,568,600. |
|
|
Dec. |
31 |
Retired equipment that cost $998,200 when purchased
on December 31, 2013. No salvage value was received. |
Journalize the transactions. Bramble uses straight-line depreciation for
buildings and equipment. The buildings are estimated to have a 40-year useful 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. (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.).
(b)
Record adjusting entries for depreciation for
2023. (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.)
(c)
Prepare the plant assets section of Bramble’s balance sheet at December 31, 2023. (Hint: You
may wish to set up T accounts, post beginning balances, and then post 2023
transactions.) (List Plant Assets in order of Land, Building and
Equipment.)
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