Find part C At December 31, 2017, Grouper Corporation reported the following plant...
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Accounting
Find part C
At December 31, 2017, Grouper Corporation reported the following plant assets.
Land
$ 3,783,000
Buildings
$26,570,000
Less: Accumulated depreciationbuildings
15,037,425
11,532,575
Equipment
50,440,000
Less: Accumulated depreciationequipment
6,305,000
44,135,000
Total plant assets
$59,450,575
During 2018, 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, 2011. 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, 2008. No salvage value was received.
Prepare the plant assets section of Groupers balance sheet at December 31, 2018. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2018 transactions.)
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