Reference no: EM13159921
At December 31, 2008, Jimenez Company reported the following as plant assets.
Land $4,000,000
Buildings $27,500,000
Less: Accum Dep-blgs $ 12,100,000
Equiment 48,000,000
Less: Accum dep - equipment 5,000,000
total assets $63,400,000
During 2009 the following selected cash transaction ocurred.
April Purchased land for $2,130,000
May 1 Sold equip that cost $780,000 when purchased on Jan 1, 2005. The equip was sold for $450,000
June 1 Sold land purchased on June 1, 1999, for $1,500,000. The land cost $400,000.
July 1 Purchased equipment for $2,000,000
Dec 31 Retired equipment that cost $500,000 when purchaed on Dec 31, 19999. NO salvage value was received.
Instructions
a) JOurnalize the above transaction. The company uses straight-line depreciation for buildings and equip. Teh bldgs are estimated to have a 50-year life and no salvage value. The equipment is estimated ot have a 10 year life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
b) REcord adjusting entries for depreicaiton for 2009
c) Prepare the plant assets section of JImenez's blance sheet at dec 31, 2009
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