At December 31, 2022, Pronghorn Corporation reported the following plant assets. Land $ 3,498,000 Buildings $26,630,000 Less: Accumulated depreciation—buildings 13,904,550 12,725,450 Equipment 46,640,000 Less: Accumulated depreciation—equipment 5,830,000 40,810,000 Total plant assets $57,033,450 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,565,200 May 1 Sold equipment that cost $699,600 when purchased on January 1, 2016. The equipment was sold for $198,220. June 1 Sold land for $1,865,600. The land cost $1,166,000. July 1 Purchased equipment for $1,282,600. December 31 Retired equipment that cost $816,200 when purchased on December 31, 2013. No salvage value was received. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2022, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
At December 31, 2022, Pronghorn Corporation reported the following plant assets.
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Land |
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$ 3,498,000 |
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Buildings |
$26,630,000 |
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Less: |
13,904,550 |
12,725,450 |
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Equipment |
46,640,000 |
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Less: Accumulated depreciation—equipment |
5,830,000 |
40,810,000 |
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Total plant assets |
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$57,033,450 |
During 2023, the following selected cash transactions occurred.
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April 1 |
Purchased land for $2,565,200 |
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May 1 |
Sold equipment that cost $699,600 when purchased on January 1, 2016. The equipment was sold for $198,220. |
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June 1 |
Sold land for $1,865,600. The land cost $1,166,000. |
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July 1 |
Purchased equipment for $1,282,600. |
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December 31 |
Retired equipment that cost $816,200 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,
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Assets |
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= |
Liabilities |
+ |
Stockholders' Equity |
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Retained Earnings |
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Cash |
+ |
Land |
+ |
Buildings |
- |
Accum. Depr. - Bldgs. |
+ |
Equipment |
- |
Accum. Depr. - Equip. |
= |
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+ |
Common Stock |
+ |
Revenue |
- |
Expense |
- |
Dividend |
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Bal. |
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$3,498,000 |
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$26,630,000 |
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$-13,904,550 |
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$46,640,000 |
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$-5,830,000 |
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April 1 |
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May 1 |
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May 1 |
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June 1 |
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July 1 |
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December 31 |
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December 31 |
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