At December 31, 2022, Bramble Corporation reported the following plant assets. question: Prepare the plant...
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At December 31, 2022, Bramble Corporation reported the following plant assets. question: Prepare the plant assets section of Brambles balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2023 transactions.) (List Plant Assets in order of Land, Building and Equipment.)
| Land | $ 3,753,000 | |||
|---|---|---|---|---|
| Buildings | $26,750,000 | |||
| Less: Accumulated depreciationbuildings | 14,918,175 | 11,831,825 | ||
| Equipment | 50,040,000 | |||
| Less: Accumulated depreciationequipment | 6,255,000 | 43,785,000 | ||
| Total plant assets | $59,369,825 |
During 2023, the following selected cash transactions occurred.
| Apr. | 1 | Purchased land for $2,752,200. | |
| May | 1 | Sold equipment that cost $750,600 when purchased on January 1, 2016. The equipment was sold for $212,670. | |
| June | 1 | Sold land for $2,001,600. The land cost $1,251,000. | |
| July | 1 | Purchased equipment for $1,376,100. | |
| Dec. | 31 | Retired equipment that cost $875,700 when purchased on December 31, 2013. No salvage value was received. |
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