At December 31, 2022, Blue Corporation reported the following plant assets.Land $ 5,853,000Buildings $26,740,000 Less: Accumulated depreciation—buildings 23,265,675 3,474,325Equipment 78,040,000 Less: Accumulated depreciation—equipment 9,755,000 68,285,000Total plant assets $77,612,325During 2023, the following selected cash transactions occurred.Apr. 1 Purchased land for $4,292,200.May 1 Sold equipment that cost $1,170,600 when purchased on January 1, 2016. The equipment was sold for $331,670.June 1 Sold land for $3,121,600. The land cost $1,951,000.July 1 Purchased equipment for $2,146,100.Dec. 31 Retired equipment that cost $1,365,700 when purchased on December 31, 2013. No salvage value was received.(a) Journalize the transactions. Blue 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. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationDebitCreditchoose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amountchoose a transaction date enter an account title To record depreciation on equipment soldenter a debit amountenter a credit amount enter an account title To record depreciation on equipment soldenter a debit amountenter a credit amount (To record depreciation on equipment sold) enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amountchoose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amountchoose a transaction date enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amountchoose a transaction date enter an account title to record depreciation on equipment retiredenter a debit amountenter a credit amount enter an account title to record depreciation on equipment retiredenter a debit amountenter a credit amount (To record depreciation on equipment retired) enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount eTextbook and MediaList of Accounts Save for Later Attempts: 0 of 3 usedSubmit Answer (b)The parts of this question must be completed in order. This part will be available when you complete the part above. (c)The parts of this question must be completed in order. This part will be available when you complete the part above.

Answered: s 23,265,675 3,474,325 Equipment…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(a)

Journalize the transactions. Blue 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. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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	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	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	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	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

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Land		$ 5,853,000
Buildings	$26,740,000
Less: Accumulated depreciation—buildings	23,265,675	3,474,325
Equipment	78,040,000
Less: Accumulated depreciation—equipment	9,755,000	68,285,000
Total plant assets		$77,612,325

Apr.	1	Purchased land for $4,292,200.
May	1	Sold equipment that cost $1,170,600 when purchased on January 1, 2016. The equipment was sold for $331,670.
June	1	Sold land for $3,121,600. The land cost $1,951,000.
July	1	Purchased equipment for $2,146,100.
Dec.	31	Retired equipment that cost $1,365,700 when purchased on December 31, 2013. No salvage value was received.

s 23,265,675 3,474,325 Equipment 78,040,000 Less: Accumulated depreciation—equipment 9,755,000 68,285,000 Total plant assets $77,61

(a)

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(c)