Business, 05.05.2020 01:49 soliseric879

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

Land $3,498,000
Buildings $26,630,000
Less: Accumulated depreciation—buildings 13,904,550 12,725,450
Equipment 46,640,000
Less: Accumulated depreciation—equipment 5,830,000 40,810,000
Total plant assets $57,033,450

During 2023, the following selected cash transactions occurred.

Apr. 1 Purchased land for $2,565,200.
May 1 Sold equipment that cost $699,600 when purchased on January 1, 2016. The equipment was sold for $198,220.
June 1 Sold land for $1,865,600. The land cost $1,166,000.
July 1 Purchased equipment for $1,282,600.
Dec. 31 Retired equipment that cost $816,200 when purchased on December 31, 2013. No salvage value was received.

Required:
Prepare the plant assets section of Pronghorn's balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2023 transactions.) (List Plant Assets in order of Land, Building and Equipment)

Answers: 3

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Answer from: hillarytrinh

Answer and Explanation:

The preparation of the plant assets is shown below:-

Plant Assets

Partial Balance Sheet

December 31, 2013

Land $4,897,200

Buildings $26,630,000

Less : Accumulated Depreciation $13,904,550 $12,725,450

Equipment $46,406,800

Less : Accumulated Depreciation $9,182,250 $37,224,550

Total Plant Assets $54,847,200

Note:- Here, Building Details for 2023 are not provided, it will be included in the accumulated depreciation above if available

Answer from: Quest

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

Answer from: Quest

answer(b) partnership';

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

Land $...

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