ItemLandBuildingsOther Accounts 123,000 233,000 3640,000 4280,000 529,000 Land improvements 63,170 76,800 Land improvements 831,000 96,400 Real estate tax expense 10-12,000 302,170302,170696,00042,200 0
EquipmentLand 40,000,000600,0003,000,0001,000,000 100,000700,0002,200,000 Acc-Dep-Equip5,000,000Bal. 4,200,000 440,00020,000 700,00055,000 Bal: 39,800,00070,000 Bal 400,005,000 General Journal DateExplanationRefDebitCredit 2023 Aptil 1Land2,200,000 Cash2,200,000 (To record purchase of land) 1-May Depreciation Expense20,000 Accumulated- Dep. Equip20,000 1-May Cash170,000 Accumulated- Dep. Equip440,000 Equipment600,000 Gain on Disposal10,000 (To record sale of equip. at gain) 1-Jun Cash1,600,000 Land1,000,000 Gain on Disposal600,000 (To record sale of land at a gain) 1-Jul Equipment1,100,000 Cash1,100,000 (To record purchase of equip.) 31-Dec Depreciation Expense55,000 Accumulated- Dep. Equip55,000 31-Dec Depreciation Expense70,000 Accumulated Dep- Equip70,000 (To record deprecation on equip) 31-Dec Accumulated Dep- Equip700,000 Equipment700,000(To record depreciation on equip, for 4 months) (To record depreciation on equip, for 6 months)
Arnold Corporation Balance Sheet (partial) Property, Plant, Equipment Land4,200,000 Buildings26,500,000 Less:Accumulated Depreciation- Buildings11,925,00014,575,000 Equipment38,425,000 Less: Accumulated Depreciation-Equipment4,005,00034,420,000 Total property, plant and equipment53,195,0003,157,500(To record retirement of fully depreciated equip).
Expert's Answer
Chat with our Experts
Want to contact us directly? No Problem. We are always here for you
Your future, our responsibilty submit your task on time.
Order Now
Get Online
Assignment Help Services
