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/ Homework Answers / Accounting / Question $ 4,353,000 $26,720,000 17,303,175 9,416,825 58,040,000 7,255,000 50,785,000 $64,554,825 (a)

Question

Question

$ 4,353,000

$26,720,000

17,303,175

9,416,825

58,040,000

7,255,000

50,785,000

$64,554,825

(a)

Date

Account Titles and Explanation

Debit

Credit

(To record depreciation on equipment sold)

(To record depreciation on equipment retired)

At December 31, 2017, Swifty Corporation reported the following plant assets.

Land

 

 

 

$ 4,353,000

Buildings

 

$26,720,000

 

 

Less: Accumulated depreciation—buildings

 

17,303,175

 

9,416,825

Equipment

 

58,040,000

 

 

Less: Accumulated depreciation—equipment

 

7,255,000

 

50,785,000

Total plant assets

 

 

 

$64,554,825

 

During 2018, the following selected cash transactions occurred.

Apr.

1

 

Purchased land for $3,192,200.

May

1

 

Sold equipment that cost $870,600 when purchased on January 1, 2011. The equipment was sold for $246,670.

June

1

 

Sold land for $2,321,600. The land cost $1,451,000.

July

1

 

Purchased equipment for $1,596,100.

Dec.

31

 

Retired equipment that cost $1,015,700 when purchased on December 31, 2008. No salvage value was received.

 

 

 

Solution
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Accounting 3 Months Ago 34 Views
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