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Prepare and journalize the transactions

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Reference no: EM132481153

At December 31, 2020. Sarasota Company reported the following as plant assets

Land                                                                 $ 3,640.000

Buildings                                          $28,180.000

Less: Accumulated depreciation-buildings 11,820.000     16,360.000

Equipment                                         48,740.000

Less:

Accumulated depreciation -equipment    4,780.000               43,960.000

Total plant assets                                                          $63,960.000

During 2021, the following selected cash transactions occurred

April 1 Purchased land for $2.170.000

May 1 Sold equipment that cost $7501000 when purchased on January 1. 2017. The equipment was sold for $450.000.

June 1 Solo land purchased on June 1. 2011 for $1.510.000. The land cost $390,000!

July 1 Purchased equipment for $2.510.000

Dec. 31 Retired equipment that cost $498.000 when purchased on December 31, 20 21.

Question 1: The company received no proceeds related to salvage company uses straight line depreciation for buildings and equipment. Buildings are estimated to have 50 year life and no salvage value. Equipment have 10 year useful life. Journalize the transactions

Reference no: EM132481153

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