prepare the balance sheet Current AssetsLess:Add:Balance Shoat (Purttal)December 31, 202111lin At December 31, 2020, Sunland Company reported the following as plant assets.LandBuildingsLess: Accumulated depreciation-buildingsEquipmentLess: Accumulated depreciation-equipmentTotal plant assetsApril 1$29,770,00012,500,00047,890,0004,870,000May 1June 1July 1Dec. 31$4,360,00017,270,000During 2021, the following selected cash transactions occurred.Purchased land for $2,030,000.Sold equipment that cost $1,110,000 when purchased on January 1, 2017. The equipment was sold for $666,000.Sold land purchased on June 1, 2011 for $1,490,000. The land cost $391,000.Purchased equipment for $2,580,000.Retired equipment that cost $489,000 when purchased on December 31, 2011. The company received no proceedsrelated to salvage.43,020,000$64,650,000

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Answered: At December 31, 2020, Sunland Company…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 11E: On May 10, 2019, Horan Company purchased equipment for 25,000. The equipment has an estimated...

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prepare the balance sheet

Current Assets
Less:
Add:
Balance Shoat (Purttal)
December 31, 2021
11
lin

At December 31, 2020, Sunland Company reported the following as plant assets.
Land
Buildings
Less: Accumulated depreciation-buildings
Equipment
Less: Accumulated depreciation-equipment
Total plant assets
April 1
$29,770,000
12,500,000
47,890,000
4,870,000
May 1
June 1
July 1
Dec. 31
$4,360,000
17,270,000
During 2021, the following selected cash transactions occurred.
Purchased land for $2,030,000.
Sold equipment that cost $1,110,000 when purchased on January 1, 2017. The equipment was sold for $666,000.
Sold land purchased on June 1, 2011 for $1,490,000. The land cost $391,000.
Purchased equipment for $2,580,000.
Retired equipment that cost $489,000 when purchased on December 31, 2011. The company received no proceeds
related to salvage.
43,020,000
$64,650,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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