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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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