(Solved by Humans)-Problem 9-2a Accounting - Navaro Corporation

Paper Details

Problem 9-2A At December 31, 2014, Navaro Corporation reported the following plant assets. Land $ 5,151,000 Buildings $29,420,000 Less: Accumulated depreciation—buildings 20,475,225 8,944,775 Equipment 68,680,000 Less: Accumulated depreciation—equipment 8,585,000 60,095,000 Total plant assets $74,190,775 During 2015, the following selected cash transactions occurred. Apr.  1 Purchased land for $3,777,400. May  1 Sold equipment that cost $1,030,200 when purchased on January 1, 2008. The equipment was sold for $291,890. June  1 Sold land for $2,747,200. Document Preview: Problem 9-2A At December 31, 2014, Navaro Corporation reported the following plant assets. Land $ 5,151,000 Buildings $29,420,000 Less: Accumulated depreciation—buildings 20,475,225 8,944,775 Equipment 68,680,000 Less: Accumulated depreciation—equipment 8,585,000 60,095,000 Total plant assets $74,190,775 During 2015, the following selected cash transactions occurred. Apr.  1 Purchased land for $3,777,400. May  1 Sold equipment that cost $1,030,200 when purchased on January 1, 2008. The equipment was sold for $291,890. June  1 Sold land for $2,747,200. The land cost $1,717,000. July  1 Purchased equipment for $1,888,700. Dec.  31 Retired equipment that cost $1,201,900 when purchased on December 31, 2005. No salvage value was received. Journalize the transactions. Navaro uses straight-line depreciation for buildings and equipment. The buildings are 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 entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record depreciation on equipment sold) (To record depreciation on equipment retired) http://edugen.wiley.com/edugen/shared/assignment/test/qview.uni?id=quest2377735entrance1&selected_question=quest2377735&operation=take-questionSHOW LIST OF ACCOUNTS http://edugen.wiley.com/edugen/shared/assignment/test/qview.uni?id=quest2377735entrance1&selected_question=quest2377735&operation=take-questionLINK TO TEXT http://edugen.wiley.com/edugen/shared/assignment/test/qview.uni?id=quest2377735entrance1&selected_question=quest2377735&operation=take-questionLINK TO VIDEO Record adjusting entries for depreciation for 2015. (Credit account titles are automatically indented...