At December 31, 2022, Pronghorn Company reported the following as plant assets. Land Buildings Less: Accumulated depreci

Post by **answerhappygod** » Sun Jul 03, 2022 1:23 pm

: At December 31 2022 Pronghorn Company Reported The Following As Plant Assets Land Buildings Less Accumulated Depreci 1 (56.79 KiB) Viewed 9 times

: At December 31 2022 Pronghorn Company Reported The Following As Plant Assets Land Buildings Less Accumulated Depreci 2 (63.5 KiB) Viewed 9 times

: At December 31 2022 Pronghorn Company Reported The Following As Plant Assets Land Buildings Less Accumulated Depreci 3 (31.34 KiB) Viewed 9 times

: At December 31 2022 Pronghorn Company Reported The Following As Plant Assets Land Buildings Less Accumulated Depreci 4 (34.81 KiB) Viewed 9 times

: At December 31 2022 Pronghorn Company Reported The Following As Plant Assets Land Buildings Less Accumulated Depreci 5 (38.57 KiB) Viewed 9 times

At December 31, 2022, Pronghorn Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets April 1 May 1 June 1 $29,800,000 10,570,000 47,520,000 4,910,000 July 1 Dec. 31 $4,320,000 19,230,000 During 2023, the following selected cash transactions occurred. Purchased land for $2,000,000. Sold equipment that cost $840,000 when purchased on January 1, 2019. The equipment was sold for $504,000. Sold land purchased on June 1, 2013 for $1,430,000. The land cost $393,000. Purchased equipment for $2,440,000. Retired equipment that cost $480,000 when purchased on December 31, 2013. 42,610,000 $66,160,000
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 O for the amounts.) Account Titles and Explanation Date Apr. 1 May 1 June 1 V May 1 V Land Cash Cash Accumulated Depreciation Equipment (To record depreciation) Cash Accumulated Depreciation Equipment Gain on Disposal of Plant Assets Equipment (To record sale of equipment) Cash Gain on Disposal of Plant Assets Debit Credit
June 1 V July 1 V Dec 31 Dec. 31 Cash Gain on Disposal of Plant Assets Land Equipment Cash Accumulated Depreciation-Equipment Equipment (To record depreciation) Accumulated Depreciation Equipment Equipment (To record retirement of equipment).
(b) Record adjusting entries for depreciation for 2023. (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 O for the amounts.) Date Account Titles and Explanation (To record building depreciation) (To record equipment deprecition) Debit Credit
Property Plant and Equipment Land Buildings Less : Accumulated Depreciation-Buildings Equipment Less: Accumulated Depreciation-Equipment Total Intangible Assets Pronghorn Company Balance Sheet (Partial) December 31, 2023 29800000 11315000 48640000 8884000