At December 31, 2010 , Jimenez Company reported the following as plant assets. L
ID: 2434514 • Letter: A
Question
At December 31, 2010, Jimenez Company reported the following as plant assets.
Land
$3,703,000
Buildings
$27,850,000
Less: Accumulated depreciation-buildings
11,175,000
16,675,000
Equipment
48,718,000
Less: Accumulated depreciation-equipment
4,564,000
44,154,000
Total plant assets
$64,532,000
During 2011, the following selected cash transactions occurred.
April 1
Purchased land for $2,027,000.
May 1
Sold equipment that cost $828,000 when purchased on January 1, 2007. The equipment was sold for $478,600.
June 1
Sold land purchased on June 1, 2001, for $1,620,000. The land cost $409,000.
July 1
Purchased equipment for $2,370,000.
Dec. 31
Retired equipment that cost $510,000 when purchased on December 31, 2001. No salvage value was received.
Record adjusting entries for depreciation for 2011.
$
At December 31, 2010, Jimenez Company reported the following as plant assets.
Land
$3,703,000
Buildings
$27,850,000
Less: Accumulated depreciation-buildings
11,175,000
16,675,000
Equipment
48,718,000
Less: Accumulated depreciation-equipment
4,564,000
44,154,000
Total plant assets
$64,532,000
During 2011, the following selected cash transactions occurred.
April 1
Purchased land for $2,027,000.
May 1
Sold equipment that cost $828,000 when purchased on January 1, 2007. The equipment was sold for $478,600.
June 1
Sold land purchased on June 1, 2001, for $1,620,000. The land cost $409,000.
July 1
Purchased equipment for $2,370,000.
Dec. 31
Retired equipment that cost $510,000 when purchased on December 31, 2001. No salvage value was received.
Explanation / Answer
JIMENEZ COMPANY $ Balance Sheet (Partial) December 31,2011 Equipment 48,718,000.00 Add: Additions during the year 2,370,000.00 51,088,000.00 Less: Disposed during the year 828,000.00 50,260,000.00 Less: Retired Equipment during the year 510,000.00 Net book value of equipment 49,750,000.00 Less: Accumulated depreciation up to december31,2010 4,564,000.00 45,186,000.00
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