At December 31, 2025, Indigo Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,710,000 12,019,500 71,440,000 8,930,000 During 2026, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,929,200. May 1 $5,358,000 June 1 July 1 Purchased equipment for $1,964,600. Dec. 31 14,690,500 62,510,000 $82,558,500 Sold equipment that cost $1,071,600 when purchased on January 1, 2019. The equipment was sold for $303,620. Sold land for $2.857,600. The land cost $1,786,000. Retired equipment that cost $1,250,200 when purchased on December 31, 2016. No salvage value was received.
At December 31, 2025, Indigo Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,710,000 12,019,500 71,440,000 8,930,000 During 2026, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,929,200. May 1 $5,358,000 June 1 July 1 Purchased equipment for $1,964,600. Dec. 31 14,690,500 62,510,000 $82,558,500 Sold equipment that cost $1,071,600 when purchased on January 1, 2019. The equipment was sold for $303,620. Sold land for $2.857,600. The land cost $1,786,000. Retired equipment that cost $1,250,200 when purchased on December 31, 2016. No salvage value was received.
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
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6RE: Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings,...
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