September 2023 P9 5A At December 31 2011 Jimenez Company reported the following as plant assets
2024 P9-5A_At December 31_2011_Jimenez Company Reported The Following As Plant Assets_Answer Assignment Help
P9 5A At December 31 2011 Jimenez Company reported the following as plant assets 2023
P9-5A At December 31, 2011, Jimenez Company reported the following as plant assets. Land $ 4,000,000 Buildings $28,500,000 Less: Accumulated depreciation—buildings 12,100,000 16,400,000 Equipment 48,000,000 Less: Accumulated depreciation—equipment 5,000,000 43,000,000 Total plant assets $63,400,000 During 2012, the following selected cash transactions occurred. April 1 Purchased land for $2,130,000. May 1 Sold equipment that cost $780,000 when purchased on January 1, 2008. The equipment was sold for $450,000. June 1 Sold land purchased on June 1, 2002 for $1,500,000. The land cost $400,000. July 1 Purchased equipment for $2,000,000. Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2002. No salvage value was received. Journalize a series of equipment transactions related to purchase, sale, retirement, and depreciation. (SO 3, 6, 9) Instructions (a) 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. (b) Record adjusting entries for depreciation for 2012. Depreciation Expense— building $570,000; equipment $4,772,000 (c) Prepare the plant assets section of Jimenez’s balance sheet at December 31, 2012. Total plant assets $61,270,000
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