At December 31, 2017, Martinez Corporation reported the following plant assets.

Question

At December 31, 2017, Martinez Corporation reported the following plant assets. $3,783,000 Land Buildings Less: Accumulated depreciation -buildings Equipment Less: Accumulated depreciation -equipment Total plant assets $26,590,000 15,037,425 11,552,575 50,440,000 6,305,00044,135,000 $59,470,575 During 2018, the following selected cash transactions occurred Apr. Purchased land for $2,774,200. May 1 Sold equipment that cost $756,600 when purchased on January 1, 2011. The equipment was sold for $214,370. June Sold land for $2,017,600. The land cost $1,261,000 July 1 Purchased equipment for $1,387,100 Dec. 31 Retired equipment that cost $882,700 when purchased on December 31, 2008. No salvage value was received.

Explanation / Answer

Prepare partial balance sheet portion :

Plant Assets Land 5296200 Building 26590000 Less: Accumlated depreciation-Building 15702175 10887825 Equipment 50187800 Less: Accumlated depreciation-equipment 6305000 43882800 Total Plant assets 60066825

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