Accumulated Depreciation Assignment | Top Universities

How to calculate the accumulated depreciation-equipment??

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Problem 9-2A (Part Level Submission)

At December 31, 2017, Flint Corporation reported the following plant assets.

Land $ 4,068,000
Buildings $26,700,000
Less: Accumulated depreciation—buildings 16,170,300 10,529,700
Equipment 54,240,000
Less: Accumulated depreciation—equipment 6,780,000 47,460,000
Total plant assets $62,057,700

During 2018, the following selected cash transactions occurred.

Apr. 1 Purchased land for $2,983,200.
May 1 Sold equipment that cost $813,600 when purchased on January 1, 2011. The equipment was sold for $230,520.
June 1 Sold land for $2,169,600. The land cost $1,356,000.
July 1 Purchased equipment for $1,491,600.
Dec. 31 Retired equipment that cost $949,200 when purchased on December 31, 2008. No salvage value was received.

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(c) Your answer is partially correct. Try again. Prepare the plant assets section of Flint's balance sheet at December 31, 2018. (Hint: You may wish to set up T account FLINT CORPORATION Partial Balance Sheet December 31, 2018, Plant Assets Land 5695200 Buildings 26700000 Less Y 16837800 9862200 Accumulated Depreciation-Buildings 53968800 Equipment Less 10690930 43277870 Accumulated Depreciation-Equipment 58835270 Total Plant Assets click if you would like to Show Work for this question: Open blank Show Work Copy Show Work from the Previous attempt. Get Accounting Homework Help Today.



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