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Prepare plant assets section of blue spruce balance sheet

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Reference no: EM132826211

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

Land $ 3,560,000

Buildings $29,090,000

Less: Accumulated depreciation-buildings 12,460,000

16,630,000

Equipment 48,930,000

Less: Accumulated depreciation-equipment 5,430,000

43,500,000

Total plant assets $63,690,000

During 2021, the following selected cash transactions occurred.

  1. April 1 Purchased land for $2,000,000.
  2. May 1 Sold equipment that cost $1,170,000 when purchased on January 1, 2017. The equipment was sold for $702,000.
  3. June 1 Sold land purchased on June 1, 2011 for $1,470,000. The land cost $410,000.
  4. July 1 Purchased equipment for $2,470,000.
  5. Dec. 31 Retired equipment that cost $473,000 when purchased on December 31, 2011. The company received no proceeds related to salvage.

Problem 1: Prepare the plant assets section of Blue Spruce's balance sheet at December 31, 2021.

Reference no: EM132826211

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