At December 31, 2022, Cheyenne Corporation reported the following plant assets. Land $ 3,933,000 Buildings $26,550,000 Less: Accumulated depreciation—buildings 15,633,675 10,916,325 Equipment 52,440,000 Less: Accumulated depreciation—equipment 6,555,000 45,885,000 Total plant assets $60,734,325 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,884,200. May 1 Sold equipment that cost $786,600 when purchased on January 1, 2016. The equipment was sold for $222,870. June 1 Sold land for $2,097,600. The land cost $1,311,000. July 1 Purchased equipment for $1,442,100. Dec. 31 Retired equipment that cost $917,700 when purchased on December 31, 2013. No salvage value was received. Journalize the transactions. Cheyenne uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title To record depreciation on equipment sold enter a debit amount enter a credit amount enter an account title To record depreciation on equipment sold enter a debit amount enter a credit amount (To record depreciation on equipment sold) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title to record depreciation on equipment retired enter a debit amount enter a credit amount enter an account title to record depreciation on equipment retired enter a debit amount enter a credit amount (To record depreciation on equipment retired) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record depreciation on buildings on december 31 enter a debit amount enter a credit amount enter an account title to record depreciation on buildings on december 31 enter a debit amount enter a credit amount (To record depreciation on buildings.) Dec. 31 enter an account title To record depreciation on equipment on december 31 enter a debit amount enter a credit amount enter an account title To record depreciation on equipment on december 31

At December 31, 2022, Cheyenne Corporation reported the following plant assets. Land $ 3,933,000 Buildings $26,550,000 Less: Accumulated depreciation—buildings 15,633,675 10,916,325 Equipment 52,440,000 Less: Accumulated depreciation—equipment 6,555,000 45,885,000 Total plant assets $60,734,325 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,884,200. May 1 Sold equipment that cost $786,600 when purchased on January 1, 2016. The equipment was sold for $222,870. June 1 Sold land for $2,097,600. The land cost $1,311,000. July 1 Purchased equipment for $1,442,100. Dec. 31 Retired equipment that cost $917,700 when purchased on December 31, 2013. No salvage value was received. Journalize the transactions. Cheyenne uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title To record depreciation on equipment sold enter a debit amount enter a credit amount enter an account title To record depreciation on equipment sold enter a debit amount enter a credit amount (To record depreciation on equipment sold) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date April 1May 1June 1July 1Dec. 31 enter an account title to record depreciation on equipment retired enter a debit amount enter a credit amount enter an account title to record depreciation on equipment retired enter a debit amount enter a credit amount (To record depreciation on equipment retired) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record depreciation on buildings on december 31 enter a debit amount enter a credit amount enter an account title to record depreciation on buildings on december 31 enter a debit amount enter a credit amount (To record depreciation on buildings.) Dec. 31 enter an account title To record depreciation on equipment on december 31 enter a debit amount enter a credit amount enter an account title To record depreciation on equipment on december 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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

Land		$ 3,933,000
Buildings	$26,550,000
Less: Accumulated depreciation—buildings	15,633,675	10,916,325
Equipment	52,440,000
Less: Accumulated depreciation—equipment	6,555,000	45,885,000
Total plant assets		$60,734,325

During 2023, the following selected cash transactions occurred.

Apr.	1	Purchased land for $2,884,200.
May	1	Sold equipment that cost $786,600 when purchased on January 1, 2016. The equipment was sold for $222,870.
June	1	Sold land for $2,097,600. The land cost $1,311,000.
July	1	Purchased equipment for $1,442,100.
Dec.	31	Retired equipment that cost $917,700 when purchased on December 31, 2013. No salvage value was received.

Journalize the transactions. Cheyenne uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.

Date	Account Titles and Explanation	Debit	Credit

choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date April 1May 1June 1July 1Dec. 31	enter an account title To record depreciation on equipment sold	enter a debit amount	enter a credit amount
	enter an account title To record depreciation on equipment sold	enter a debit amount	enter a credit amount
	(To record depreciation on equipment sold)
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date April 1May 1June 1July 1Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date April 1May 1June 1July 1Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date April 1May 1June 1July 1Dec. 31	enter an account title to record depreciation on equipment retired	enter a debit amount	enter a credit amount
	enter an account title to record depreciation on equipment retired	enter a debit amount	enter a credit amount
	(To record depreciation on equipment retired)
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	enter an account title to record depreciation on buildings on december 31	enter a debit amount	enter a credit amount
	enter an account title to record depreciation on buildings on december 31	enter a debit amount	enter a credit amount
	(To record depreciation on buildings.)
Dec. 31	enter an account title To record depreciation on equipment on december 31	enter a debit amount	enter a credit amount
	enter an account title To record depreciation on equipment on december 31

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