At December 31, 2022, Culver Corporation reported the following plant assets. Apr. May June July Dec. Land During 2023, the following selected cash transactions occurred. (a) Buildings Less: Accumulated depreciation-buildings Equipment. Less: Accumulated depreciation-equipment Total plant assets 1 1 1 $26,690,000 15,097,050 50,640,000 6,330,000 $ 3,798,000 11,592,950 44,310,000 $59,700,950 Purchased land for $2,785.200. Sold equipment that cost $759.600 when purchased on January 1, 2016. The equipment was sold for $215,220. Sold land for $2.025,600. The land cost $1,266,000. Purchased equipment for $1.392,600. 31 Retired equipment that cost $886,200 when purchased on December 31, 2013. No salvage value was received. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2022, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset. Liability or Equity item that was reduced.)
At December 31, 2022, Culver Corporation reported the following plant assets. Apr. May June July Dec. Land During 2023, the following selected cash transactions occurred. (a) Buildings Less: Accumulated depreciation-buildings Equipment. Less: Accumulated depreciation-equipment Total plant assets 1 1 1 $26,690,000 15,097,050 50,640,000 6,330,000 $ 3,798,000 11,592,950 44,310,000 $59,700,950 Purchased land for $2,785.200. Sold equipment that cost $759.600 when purchased on January 1, 2016. The equipment was sold for $215,220. Sold land for $2.025,600. The land cost $1,266,000. Purchased equipment for $1.392,600. 31 Retired equipment that cost $886,200 when purchased on December 31, 2013. No salvage value was received. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2022, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset. Liability or Equity item that was reduced.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 11E: On January 1, 2014, Klinefelter Company purchased a building for 520,000. The building had an...
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Transcribed Image Text:At December 31, 2022, Culver Corporation reported the following plant assets.
Land
Buildings
Less: Accumulated depreciation-buildings
June
Equipment
Less: Accumulated depreciation-equipment
During 2023, the following selected cash transactions occurred.
(a)
Total plant assets
Apr. 1 Purchased land for $2,785,200.
May
1
1
1
Sold equipment that cost $759,600 when purchased on January 1, 2016. The equipment was sold for $215,220.
Sold land for $2.025,600. The land cost $1,266,000.
July
Purchased equipment for $1,392,600.
Dec. 31 Retired equipment that cost $886,200 when purchased on December 31, 2013. No salvage value was received.
Bal. $
$26,690,000
Cash
15,097,050
Land
50,640,000
6,330,000
$3,798,000
Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2022, balance sheet.
(If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount
entered for the particular Asset, Liability or Equity item that was reduced.)
11,592,950
Buildings
44,310,000
$59,700,950
Assets
Accum. Depi
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