Info
Warning
Danger
/ 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
5 (1 Ratings )

Solved
Accounting 3 Months Ago 200 Views
This Question has Been Answered!
Premium Content -

Unlimited Access

Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Better Grades!

Ask an Expert

Our Experts can answer your tough homework and study questions
124306 Accounting Questions Answered!
Post a Question

Welcome Back!

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Forgot?
Login
Don't have an account? Signup

Join ScholarOn

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Signup
By registering, I agree to the Terms and Privacy Policies
Already have an account? Log in

Verify Your Email

Check your inbox & click on the link to activate your account.

Resend Email
Verification Mail Send Successfully. Please Check Your Email.

Forgot Password

Please enter your registered email to recieve the password reset link.

Send reset link
Already have an account? Log in
Did you know?

ScholarOn has more than 2 Million+ answers, textbook solutions & flashcards. Explore Now!

Let us boost your grade together!