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Prepare the plant assets section of grands balance

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Reference no: EM131770994

At December 31, 2017, Grand Company reported the following as plant assets.

Land mce_markernbsp;3,770,000
Buildings $27,290,000
Less: Accumulated depreciation-buildings 12,170,000 15,120,000
Equipment 48,020,000
Less: Accumulated depreciation-equipment 4,550,000 43,470,000
    Total plant assets $62,360,000

During 2018, the following selected cash transactions occurred.

April 1 Purchased land for $2,190,000.
May 1 Sold equipment that cost $900,000 when purchased on January 1, 2014. The equipment was sold for $540,000.
June 1 Sold land purchased on June 1, 2008 for $1,540,000. The land cost $394,000.
July 1 Purchased equipment for $2,530,000.
Dec. 31

Retired equipment that cost $491,000 when purchased on December 31, 2008. No salvage value was received.

Prepare the plant assets section of Grand's balance sheet at December 31, 2018.

Reference no: EM131770994

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