At December 31, 2020, Sarasota Company reported the following as plant assets. Land Buildings Less:...
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At December 31, 2020, Sarasota Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings 13,940,000 13,480,000 Equipment Less: Accumulated depreciation-equipment 4,820,000 42,380,000 3,710,000 $27,420,000 47,200,000 Total plant assets $59,570,000 During 2021, the following selected cash transactions occurred April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,030,000. Sold equipment that cost $960,000 when purchased on January 1, 2017. The equipment was sold for $576,000. Sold land purchased on June 1, 2011 for $1,500,000. The land cost $397,000. Purchased equipment for $2,510,000 Retired equipment that cost $503,000 when purchased on December 31, 2011. The company received no proceeds related to salvage
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