ACC 280 P10-5A At December 31, 2008, Jimenez Company reported the following as plant assets

reported the following as plant assets.

XACC 280 P10-5A At December 31, 2008, Jimenez Company
reported the following as plant assets.

Homework help of ACC 280 P10-5A At December 31, 2008,
Jimenez Company reported

Homework tutorial in ACC 280 P10-5A At December 31, 2008,
Jimenez Company reported

Homework solution of ACC 280 P10-5A At December 31, 2008,
Jimenez Company reported

Principles of Accounting: Weygandt, J. J., Kimmel, P. D.,
& Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.

Axia College of University of Phoenix (UoP)

ACC 280 P10-5A P10-5A At December 31, 2008, Jimenez Company
reported the following as plant assets.

Land $ 4,000,000

Buildings $28,500,000

Less: Accumulated depreciation—buildings 12,100,000
16,400,000

Equipment 48,000,000

Less: Accumulated depreciation—equipment 5,000,000
43,000,000

Total plant assets $63,400,000

During 2009, the following selected cash transactions
occurred.

April 1 Purchased land for $2,130,000.

May 1 Sold equipment that cost $780,000 when purchased on
January 1, 2005. The equipment was sold for $450,000.

June 1 Sold land purchased on June 1, 1999, for
$1,500,000.The land cost $400,000.

July 1 Purchased equipment for $2,000,000.

Dec. 31 Retired equipment that cost $500,000 when purchased
on December 31, 1999. No salvage value was received.

Instructions

(a) Journalize the above transactions. The company uses
straight-line depreciation for buildings and equipment. The buildings are
estimated to have a 50-year life and no salvage value. The equipment is
estimated to have a 10-year useful life and no salvage value. Update
depreciation on assets disposed of at the time of sale or retirement.

(b) Record adjusting entries for depreciation for 2009. (c)
Prepare the plant assets section of Jimenez’s balance sheet at December 31,