Question Details

(Solution Download) P9-2A At December 31, 2012, Rijo Corporation reported the following plant assets. Land $3,000,000 Bu


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

P9-2A

 

At December 31, 2012, 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
Equipment40,000,000
Less: Accumulated depreciation - equipment

 

5,000,000

 

 

35,000,000

 

Total plant assets

 

$52,400,000

 

 

During 2013, the following selected cash transactions

 

occurred.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apr. 1Purchased land for $2,200,000.
May 1Sold equipment that cost $600,000 when purchased on January 1,

 

2006. The equipment was sold for $170,000.

June 1Sold land for $1,800,000. The land cost $1,000,000.
July 1Purchased equipment for $1,300,000.
Dec. 31Retired equipment that cost $500,000 when purchased on December

 

31, 2003. No salvage value was received.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Correct answer.Your answer is correct.

 

Journalize the transactions. (Hint: You may wish to set up T

 

accounts, post beginning balances, and then post 2013

 

transactions.) Rijo uses straight-line depreciation for buildings

 

and equipment. The buildings are estimated to have a 40-year 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. (List

 

multiple debit/credit entries from largest to smallest amount, e.g.

 

10, 5, 2.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DateAccount/DescriptionDebitCredit
Apr. 1Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
      Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
May 1Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
      Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
(To record depreciation on asset sold.)
May 1Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
      Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
      Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Entry field with correct answer
(To record sale of equipment.)
June 1Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
      Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
      Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
July 1Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
      Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
Dec. 31Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
      Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
(To record depreciation on equipment.)
Dec. 31Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
      Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
(To record retirement of equipment.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Show Solution

 

Show Answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partially correct answer.Your answer is partially correct. Try again.

 

Record adjusting entries for depreciation for 2013.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DateAccount/DescriptionDebitCredit
Dec. 31Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
    Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with correct answer
(To record depreciation on buildings.)
Dec. 31Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with incorrect answer
      Entry field with correct answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entry field with incorrect answer
(To record depreciation on equipment.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partially correct answer.Your answer is partially correct. Try again.

 

Complete the plant assets section of Ruiz's balance sheet at

 

December 31, 2013.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RIJO CORPORATION
Partial Balance Sheet

 

December 31, 2013

 

Plant Assets
      Land$Entry field with correct answer
      Buildings$Entry field with correct answer
      Less: Accumulated depreciation -

 

buildings

 

Entry field with incorrect answer

 

Entry field with incorrect answer
      EquipmentEntry field with incorrect answer
      Less: Accumulated depreciation -

 

equipment

 

Entry field with incorrect answer

 

 

Entry field with incorrect answer

 

          Total

 

plant assets

 

$Entry field with incorrect answer

 

 

 

 

 

 

 

 

 

 

 

 


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