*NEED A TABULAR SUMMARY* At January 1, 2022, Blossom Company...
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Accounting
*NEED A TABULAR SUMMARY*
At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts: The company uses straight-line depreciation for buildings and equipment, its year-end is December 31 , and it makes adjustments annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10 -year useful life and no salvage value. During 2022, the following selected transactions occurred: Apr. 1 Purchased land for $4 million. Paid $1 million cash and issued a 3 -year, 6% note payable for the balance. Interest on the note is payable annually each April 1. May 1 Sold equipment for $320,000 cash. The equipment cost $3 million when originally purchased on January 1,2014. June 1 Sold land for $6 million. Received $700,000 cash and accepted a 3-year, 5% note for the balance. The land cost $2 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. July 1 Purchased equipment for $3 million cash. Dec. 31 Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received
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