Question - At December 31, 2012, Rijo Corporation reported the following plant assets.
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Land
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$3,000,000
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Buildings
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$26,500,000
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|
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Less: Accumulated depreciation - buildings
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12,100,000
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14,400,000
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Equipment
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40,000,000
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|
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Less: Accumulated depreciation - equipment
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5,000,000
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35,000,000
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Total Pant assets
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$52,400,000
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During 2013, the following selected cash transactions occurred.
Apr. 1 Purchased land for $2,200,000.
May 1 Sold equipment that cost $600,000 when purchased on January 1, 2006. The equipment was sold for $170,000.
June 1 Sold land for $1,800,000. The land cost $1,000,000.
July 1 Purchased equipment for $1,300,000.
Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2003. No salvage value was received.
Required -
Record adjusting entries for depreciation for 2013.
Compete the plant assets section of Ruiz's balance sheet at December 31, 2013.