Problem 9-2A At December 31, 2017, Sheffield Corporation reported the following
ID: 2598868 • Letter: P
Question
Problem 9-2A
At December 31, 2017, Sheffield Corporation reported the following plant assets.
Land
$ 3,798,000
Buildings
$26,660,000
Less: Accumulated depreciation—buildings
15,097,050
11,562,950
Equipment
50,640,000
Less: Accumulated depreciation—equipment
6,330,000
44,310,000
Total plant assets
$59,670,950
During 2018, the following selected cash transactions occurred.
Prepare the plant assets section of Sheffield’s balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.) (List Plant Assets in order of Land, Building and Equipment.)
Land
$ 3,798,000
Buildings
$26,660,000
Less: Accumulated depreciation—buildings
15,097,050
11,562,950
Equipment
50,640,000
Less: Accumulated depreciation—equipment
6,330,000
44,310,000
Total plant assets
$59,670,950
Explanation / Answer
Plant assets section of Sheffield’s balance sheet at December 31, 2018 is as prepared below:
Working:
Plant Assets Land 5,317,200 Buildings 26,660,000 less: accumulated dep buildings 15,097,050 11,562,950 Equipment 50,386,800 Less: Accumulated dep equipment 4,886,760 45,500,040 Total plant assets 62,380,190Related Questions
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