Fill in the blanks and show the calculation The property, plant, and equipment a

Question

Fill in the blanks and show the calculation

The property, plant, and equipment accounts for Pearl Company held the following opening balances on January 1, 2017 (the first day of Pearl’s fiscal year):

The following transactions took place during 2017 (assume all transactions took place on January 1):

Pearl paid $66,100 on a major upgrade to some of the equipment that significantly increased the economic life of the equipment.

Land $584,000 Equipment 802,000 Accumulated Depreciation—Equipment 122,000 Machinery 448,000 Accumulated Depreciation—Machinery 166,000 No. Account Titles and Explanation Debit Credit a. b. C. d.

Explanation / Answer

Transaction Particulars Debit Credit a Machinery A/c $    18,500.00 Equipment A/c $      7,500.00 Cash $    26,000.00 b Equipment A/c $    54,300.00 Acc Depreciation A/c $    31,700.00 Equipment old A/c $    37,300.00 Trade in Allowance $      4,400.00 Profit on Sales of Equipment A/c $    44,300.00 c Land - GRN A/c $ 809,700.00 Land A/c $ 771,000.00 Profit on Sales of Land A/c $    38,700.00 d Equipment A/c $      6,600.00 Cash $      6,600.00

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.