At December 31, 2010, Rijo Corporation reported the following plant assets. Land

Question

At December 31, 2010, Rijo Corporation reported the following plant assets.


Land $3,000,000
Buildings $26,500,000
Less: Accumulated depreciation - buildings

12,100,000
14,400,000
Equipment 40,000,000
Less: Accumulated depreciation - equipment

5,000,000


35,000,000
Total plant assets

$52,400,000

During 2011, the following selected cash transactions occurred.

Apr. 1 Purchased land for $2,200,000.
May 1 Sold equipment that cost $600,000 when purchased on January 1, 2004. The equipment was sold for $170,000.
June 1 Sold land for $1,800,000. The land cost $1,000,000.
July 1 Purchased equipment for $1,300,000.
Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2001. No salvage value was received.

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