At December 31, 2022, Cheyenne Corporation reported the following plant assets. Land $ 3,933,000 Buildings $26,550,000 Less: Accumulated depreciation—buildings 15,633,675 10,916,325 Equipment 52,440,000 Less: Accumulated depreciation—equipment 6,555,000 45,885,000 Total plant assets $60,734,325 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,884,200. May 1 Sold equipment that cost $786,600 when purchased on January 1, 2016. The equipment was sold for $222,870. June 1 Sold land for $2,097,600. The land cost $1,311,000. July 1 Purchased equipment for $1,442,100. Dec. 31 Retired equipment that cost $917,700 when purchased on December 31, 2013. No salvage value was received. Journalize the transactions. Cheyenne uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful 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. Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title To record depreciation on equipment sold enter a debit amount enter a credit amount enter an account title To record depreciation on equipment sold enter a debit amount enter a credit amount (To record depreciation on equipment sold) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title to record depreciation on equipment retired enter a debit amount enter a credit amount enter an account title to record depreciation on equipment retired enter a debit amount enter a credit amount (To record depreciation on equipment retired) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record depreciation on buildings on december 31 enter a debit amount enter a credit amount enter an account title to record depreciation on buildings on december 31 enter a debit amount enter a credit amount (To record depreciation on buildings.) Dec. 31 enter an account title To record depreciation on equipment on december 31 enter a debit amount enter a credit amount enter an account title To record depreciation on equipment on december 31
At December 31, 2022, Cheyenne Corporation reported the following plant assets. Land $ 3,933,000 Buildings $26,550,000 Less: Accumulated depreciation—buildings 15,633,675 10,916,325 Equipment 52,440,000 Less: Accumulated depreciation—equipment 6,555,000 45,885,000 Total plant assets $60,734,325 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,884,200. May 1 Sold equipment that cost $786,600 when purchased on January 1, 2016. The equipment was sold for $222,870. June 1 Sold land for $2,097,600. The land cost $1,311,000. July 1 Purchased equipment for $1,442,100. Dec. 31 Retired equipment that cost $917,700 when purchased on December 31, 2013. No salvage value was received. Journalize the transactions. Cheyenne uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful 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. Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title To record depreciation on equipment sold enter a debit amount enter a credit amount enter an account title To record depreciation on equipment sold enter a debit amount enter a credit amount (To record depreciation on equipment sold) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title to record depreciation on equipment retired enter a debit amount enter a credit amount enter an account title to record depreciation on equipment retired enter a debit amount enter a credit amount (To record depreciation on equipment retired) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record depreciation on buildings on december 31 enter a debit amount enter a credit amount enter an account title to record depreciation on buildings on december 31 enter a debit amount enter a credit amount (To record depreciation on buildings.) Dec. 31 enter an account title To record depreciation on equipment on december 31 enter a debit amount enter a credit amount enter an account title To record depreciation on equipment on december 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
At December 31, 2022, Cheyenne Corporation reported the following plant assets.
Land
|
$ 3,933,000
|
|||
---|---|---|---|---|
Buildings
|
$26,550,000
|
|||
Less:
|
15,633,675
|
10,916,325
|
||
Equipment
|
52,440,000
|
|||
Less: Accumulated depreciation—equipment
|
6,555,000
|
45,885,000
|
||
Total plant assets
|
$60,734,325
|
During 2023, the following selected cash transactions occurred.
Apr. | 1 | Purchased land for $2,884,200. | |
May | 1 | Sold equipment that cost $786,600 when purchased on January 1, 2016. The equipment was sold for $222,870. | |
June | 1 | Sold land for $2,097,600. The land cost $1,311,000. | |
July | 1 | Purchased equipment for $1,442,100. | |
Dec. | 31 |
Retired equipment that cost $917,700 when purchased on December 31, 2013. No salvage value was received. |
Journalize the transactions. Cheyenne uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful 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.
|
|||
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
---|---|---|---|
choose a transaction date
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
choose a transaction date April 1May 1June 1July 1Dec. 31
|
enter an account title To record depreciation on equipment sold
|
enter a debit amount
|
enter a credit amount
|
enter an account title To record depreciation on equipment sold
|
enter a debit amount
|
enter a credit amount
|
|
(To record depreciation on equipment sold)
|
|||
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
choose a transaction date April 1May 1June 1July 1Dec. 31
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
choose a transaction date April 1May 1June 1July 1Dec. 31
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
choose a transaction date April 1May 1June 1July 1Dec. 31
|
enter an account title to record depreciation on equipment retired
|
enter a debit amount
|
enter a credit amount
|
enter an account title to record depreciation on equipment retired
|
enter a debit amount
|
enter a credit amount
|
|
(To record depreciation on equipment retired)
|
|||
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
---|---|---|---|
Dec. 31
|
enter an account title to record depreciation on buildings on december 31
|
enter a debit amount
|
enter a credit amount
|
enter an account title to record depreciation on buildings on december 31
|
enter a debit amount
|
enter a credit amount
|
|
(To record depreciation on buildings.)
|
|||
Dec. 31
|
enter an account title To record depreciation on equipment on december 31
|
enter a debit amount
|
enter a credit amount
|
enter an account title To record depreciation on equipment on december 31
|
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