Question

At December 31, 2022, Grouper Corporation reported the following plant assets. Land $ 3,783,000 Buildings $26,570,000 Less: Accumulated depreciation-buildings 15,037,425 11,532,575 Equipment 50,440,000 Less: Accumulated depreciation equipment 6,305,000 44.135.000 Total plant assets $59,450,575 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,774,200. May 1 Sold equipment that cost $756,600 when purchased on January 1, 2016. The equipment was sold for $214,370. June 1 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, 2013. No salvage value was received.

Answer 1

Date	Account and explanation	Debit	Credit
Apr-01	Land	$27,74,200
	Cash		$27,74,200
May-01	Depreciation expenses-Equipment($75,660*4/12)	$25,220
	Accumulated Depreciation-Equipment		$25,220
May-01	Accumulated Depreciation-Machine	$5,54,840
	Cash	$2,14,370
	Machine		$7,56,600
	Gain on disposal		$12,610
Jun-01	Cash	$20,17,600
	Land		$12,61,000
	Gain on disposal of land		$7,56,600
Jul-01	Equipment	$13,87,100
	Cash		$13,87,100
Dec-31	Accumulated Depreciation-Equipment	$7,06,160
	Loss on retirement of equipment	$1,76,540
	Equipment		$8,82,700
Dec-31	Depreciation expenses-Building	$6,64,250
	Accumulated Depreciation-Building		$6,64,250
Dec-31	Depreciation expenses-Equipment	$48,80,070
	Accumulated Depreciation-Equipment		$48,80,070
GROUPER CORPORATION
Partial Balance sheet
For the year ended Dec 31,2023
Land		$25,22,000
Building	$2,65,70,000
Less:Accumulated Depreciation-Building	$6,64,250	$2,59,05,750
Equipment	$4,88,00,700
Less:Accumulated Depreciation-Equipment	$48,80,070	$4,39,20,630
Total Plant Assets		$7,23,48,380

Answer 2

this is false