Question

& Your answer is partially correct. Prepare the plant assets section of Blue's balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2023 transactions.) (List Plant Assets in order of Land, Building and Equipment.) BLUE CORPORATION Partial Balance Sheet December 31, 2023 Plant Assets land 4548000 Buildings 26520000 Less : Accumulated Depreciation-Buildings 663000 27183000 Equipment Less : Accumulated Depreciation-Equipment 5950300 59977000 Total Plant Assets 85094700

Answer 1

Partial Balance Sheet
31 December 2023
Plant Assets
Land (4548000+3335200-1516000)		$           6,367,200.00
Building	$     26,520,000.00
Less: Accumulated Depreciation - Building (18078300+663000)	$     18,741,300.00	$           7,778,700.00
Equipment (60640000-909600+1667600-1061200)	$     60,336,800.00
Less: Accumulated Depreciation - Equipment (7580000-667040+106120-1061200+30320+5950300)	$     11,938,500.00	$         48,398,300.00
Total Plants Assets		$        62,544,200.00

Date	Account Title	Debit	Credit
1-Apr-23	Land	$    3,335,200.00
	Cash		$   3,335,200.00
1-May-23	Depreciation Expense	$          30,320.00
	Accumulated depreciation - Equipment		$        30,320.00
1-Jun-23	Cash	$       257,720.00
	Accumulated depreciation - Equipment	$       667,040.00
	Gain on disposal of Plant Assets		$        15,160.00
	Equipment		$      909,600.00
	Cash	$    2,425,600.00
	Land		$   1,516,000.00
	Gain on sale of land		$      909,600.00
1-Jul-23	Equipment	$    1,667,600.00
	Cash		$   1,667,600.00
31-Dec-23	Depreciation Expense	$       106,120.00
	Accumulated Depreciation		$      106,120.00
31-Dec-23	Accumulated Depreciation	$    1,061,200.00
	Equipment		$   1,061,200.00
31-Dec-23	Depreciation Expense	$       663,000.00
	Accumulated Depreciation - Building		$      663,000.00
31-Dec-23	Depreciation Expense	$    5,950,300.00
	Accumulated Depreciation - Equipment		$   5,950,300.00