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AP10-5A At December 31, 2010, Jimenez Company reported the following as plant ass

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AP10-5A;At December 31, 2010, Jimenez Company reported the following as plant assets.;Land $4,446,000;Buildings $27,504,000;Less: Accumulated depreciation-buildings 13,617,000 13,887,000;Equipment 47,551,000;Less: Accumulated depreciation-equipment 4,991,000 42,560,000;Total plant assets $60,893,000;During 2011, the following selected cash transactions occurred.;April 1 Purchased land for $2,490,000.;May 1 Sold equipment that cost $663,000 when purchased on January 1, 2007. The equipment was sold for $383,200.;June 1 Sold land purchased on June 1, 2001, for $1,529,000. The land cost $411,000.;July 1 Purchased equipment for $2,230,000.;Dec. 31 Retired equipment that cost $505,000 when purchased on December 31, 2001. No salvage value was received.;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. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.);Date Account/Description Debit Credit;Apr. 1;May 1;(To record depreciation.);May 1;(To record sale of equipment.);June 1

 

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