Problem 10-5A (Part Level Submission) At December 31, 2017, Grand Company reported the following as...
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Problem 10-5A (Part Level Submission) At December 31, 2017, Grand Company reported the following as plant assets. 3,560,000 Land $29,090,000 Buildings Less: Accumulated depreciation-buildings 12,460,000 16,630,000 Equipment 48,930,000 Less: Accumulated depreciation-equipment 5,430,000 43,500,000 $63,690,000 Total plant assets During 2018, the following selected cash transactions occurred. April 1 Purchased land for $2,000,000 May 1 Sold equipment that cost $1,170,000 when purchased on January 1, 2014. The equipment was sold for $702,000. June 1 Sold land purchased on June 1, 2008 for $1,470,000. The land cost $410,000. July 1 Purchased equipment for $2,470,000 Dec. 31 Retired equipment that cost $473,000 when purchased on December 31, 2008. No salvage value was received
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