At December 31, 2011, 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 2012, the following selected cash transactions occurred.
April 1
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Purchased land for $2,130,000.
|
May 1
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Sold equipment that cost $780,000 when purchased on January 1, 2008. The equipment was sold for $450,000.
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June 1
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Sold land purchased on June 1, 2002, for $1,500,000. The land cost $400,000.
|
July 1
|
Purchased equipment for $2,000,000.
|
Dec. 31
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Retired equipment that cost $500,000 when purchased on December 31, 2002. No salvage value was received.
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