Business, 25.04.2020 02:49 wingleo1112

At December 31, 2022, Cheyenne Corporation reported the following plant assets.

Land $3,933,000
Buildings $26,550,000
Less: Accumulated depreciation—buildings 15,633,675 10,916,325
Equipment 52,440,000
Less: Accumulated depreciation—equipment 6,555,000 45,885,000
Total plant assets $60,734,325

During 2023, the following selected cash transactions occurred.

Apr. 1 Purchased land for $2,884,200.
May 1 Sold equipment that cost $786,600 when purchased on January 1, 2016.
The equipment was sold for $222,870.
June 1 Sold land for $2,097,600. The land cost $1,311,000.
July 1 Purchased equipment for $1,442,100.
Dec. 31 Retired equipment that cost $917,700 when purchased on December 31,
2013. No salvage value was received.

Required:
Journalize the transactions. Cheyenne 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.

Answers: 2

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At December 31, 2022, Cheyenne Corporation reported the following plant assets.

Land $3...

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