. WileyPLUS 1.201 wi RESOURCES Problem 9-5A At December 31, 2017, Grand Company

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. WileyPLUS 1.201 wi RESOURCES Problem 9-5A At December 31, 2017, Grand Company reported the following as plant assets Land Buildings Less: Accumulated depreciation--buildings 10,840,000 18,020,000 Lesson 9/Chapter 9 Graded Homework roblem 9.5A $ 4,470,000 $28,860,000 Review Results by Stuc Equipment Less: Accumulated depreciation-equipment 5,070,000 41,980,000 biective 47,050,000 Total plant assets $64,470,000 During 2018, the following selected cash transactions occurred April 1 Purchased land for $2,060,000, May 1 Sold equipment that cost June 1 Sold land purchased on June 1, 2008 for $1,590,000. The land cost $407,000 July 1 Purchased equipment for $2,380,000 Dec. 31 Retired equipment that cost $482,000 when purchased on December 31, 2008. The $1,020,000 when purchased on January 1, 2014. The equipment was sold for $612,000. ny recelved no proceeds related to salvage. Journalize the above transactions. The company uses straight-line depreciation for buildings and eq are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10 year useful life salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit a count titles are automatically indented when amoun presented in the problem. It no entry is required, select No Entry" for the account titles and enter o for the pment. The t is entered. Do not indent manually Record journal entries in the order

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Date Particulars Dr / Cr Dr amount Cr amount Reference Apr-01 Land Dr        20,60,000 Given in Question Bank Cr         20,60,000 Given in Question (Being Land Purchased) May-01 Depreciation Dr              34,000 Note 1 S. No. 4 Accumulated Depreciation - Equipment Cr               34,000 Note 1 S. No. 4 (Being Depreciation Charged for the period 1st Jan 2018 to 30th April 2018) May-01 Bank Dr           6,12,000 Note 1 S. No. 7 Accumulated Depreciation - Equipment Dr           4,42,000 Note 1 S. No. 5 Equipment Cr         10,20,000 Note 1 S. No. 1 Profit on Sale of Equipment Cr               34,000 Note 1 S. No. 8 (Being Equipment sold and Profit booked) Jun-01 Bank Dr        15,90,000 Note 2 S. No. 1 Land Cr           4,07,000 Note 2 S. No. 2 Profit on Sale of Land Cr         11,83,000 Note 2 S. No. 3 (Being Land sold and profit Booked) Jul-01 Equipment Dr        23,80,000 Bank Cr         23,80,000 (Being Equipment Purchased) Dec-31 Depreciation Dr        52,99,200 Accumulated Depreciation - Equipment Cr         47,22,000 Note 4 S. No. 8 Accumulated Depreciation - Building Cr           5,77,200 Note 3 S. No. 3 (Being Depreciation Entry Passed for the year 2018) Dec-31 Accumulated Depreciation - Equipment Dr           4,82,000 Note 5 Equipment Cr           4,82,000 Note 5 (Being Equipment Retired)

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