At December 31, 2022, Whispering Winds Corp. reported the following plant assets. ...

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Accounting

At December 31, 2022, Whispering Winds Corp. reported the following plant assets.

Land

$ 3,860,000

Buildings

$ 28,520,000

Less: Accumulated depreciationbuildings

12,834,000 15,686,000

Equipment

48,380,000

Less: Accumulated depreciationequipment

6,047,500 42,332,500

Total plant assets

$ 61,878,500

During 2023, the following selected cash transactions occurred.

Apr. 1 Purchased land for $ 2,080,000.
May 1 Sold equipment that cost $ 1,170,000 when purchased on January 1, 2016. The equipment was sold for $ 351,000.
June 1 Sold land for $ 1,430,000. The land cost $ 1,009,000.
July 1 Purchased equipment for $ 1,109,000.
Dec. 31 Retired equipment that cost $ 715,000 when purchased on December 31, 2013. No salvage value was received.

Question:

Record adjusting entries for depreciation for 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date Apr. 1May 1June 1July 1Dec. 31

enter an account title to record building depreciation

enter a debit amount

enter a credit amount

enter an account title to record building depreciation

enter a debit amount

enter a credit amount

(To record building depreciation)

choose a transaction date Apr. 1May 1June 1July 1Dec. 31

enter an account title to record equipment depreciation

enter a debit amount

enter a credit amount

enter an account title to record equipment depreciation

enter a debit amount

enter a credit amount

(To record equipment depreciation)

Answer & Explanation Solved by verified expert
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