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(Solved) Problem 9-2A At December 31, 2014, Navaro Corporation reported the following plant assets. Land $ 5,892,000 Buildings $33,620,000 Less: Accumulated...


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Problem 9-2A
At December 31, 2014, Navaro Corporation reported the following plant assets.
Land $ 5,892,000 Buildings
$33,620,000
Less: Accumulated
23,420,700
10,199,300
depreciation—buildings
Date
Account Titles and Explanation
Equipment
78,560,000
Land
Less:
Accumulated
9,820,000
68,740,000
April 1
depreciation—equipment
Total plant assets
$84,831,300 Debit Credit 4,320,800 Cash During 2015, the following selected cash transactions occurred. 4,320,800 Depreciation
Apr.May 11 Purchased
land for $4,320,800.
May
1 Sold equipment that cost $1,178,400 when purchased on January 1, 2008. The
equipment was sold for $333,880.
Accumulated
June 1 Sold land
for $3,142,400. The land cost $1,964,000.
July
1 Purchased equipment for $2,160,400.
(Toequipment
record depreciation
on equipment
sold)
Dec. 31 Retired
that cost $1,374,800
when
purchased on December 31, 2005. No
salvage value was received.
Cash Journalize the transactions. Navaro uses straight-line depreciation for buildings and equipment.
The buildings areAccumulated
estimated to have a 40-year useful life and no salvage value; the equipment is
estimated to have a 10-year useful life and no salvage value. Update depreciation on assets
disposed of at the time of sale or retirement. (Record entries in the order displayed in the
problem statement.
Credit account titles are automatically indented when amount is
Equipment
entered. Do not indent manually.)
Gain on Disp SHOW LIST OF ACCOUNTS
Cash June 1 LINK TO TEXT Land Record adjusting entries for depreciation for 2015. (Credit account titles are automatically
Gain on Disp
indented when amount is entered. Do not indent manually.)
Date. Account Titles and
Depreciation
July 1 Explanation Debit Credit Dec.
SHOW LIST OF ACCOUNTS
31 Accumulated LINK TO TEXT Dec. 31 Depreciation (To record depreciation on
Preparebuildings.)
the plant assets section of Navaro’s balance sheet at December 31, 2015. (Hint: You may
Accumulatedpost beginning balances, and then post 2015 transactions.) (List Plant
wish to set up T accounts,
31
(To record depreciation on equipment retired)
Accumulated Equipment Assets in order of Land, Building and Equipment.)
NAVARO CORPORATION
Partial Balance Sheet
December 31, 2015 $ $ : : $

 


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