Reference no: EM133073781
Question - At December 31, 2022, Grouper Company reported the following as plant assets.
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Land
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$4,360,000
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Buildings
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$29,770,000
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Less: Accumulated depreciation-buildings
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12,500,000
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17,270,000
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Equipment
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47,890,000
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Less: Accumulated depreciation-equipment
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4,870,000
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43,020,000
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Total plant assets
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$64,650,000
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During 2023, the following selected cash transactions occurred.
April 1 Purchased land for $2,030,000.
May 1 Sold equipment that cost $1,110,000 when purchased on January 1, 2019. The equipment was sold for $666,000.
June 1 Sold land purchased on June 1, 2013 for $1,490,000. The land cost $391,000.
July 1 Purchased equipment for $2,580,000.
Dec. 31 Retired equipment that cost $489,000 when purchased on December 31, 2013.
Required - Prepare the plant assets section of Grouper's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings and Equipment.)