Homework answers / question archive / At January 1, 2022, Oriole Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings Equipment Land $63

At January 1, 2022, Oriole Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings Equipment Land $63

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At January 1, 2022, Oriole Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings Equipment Land $63.650,000 55,300,000 97,500,000 151,000,000 22.900,000 The company uses straight-line depreciation for buildings and equipment. its year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value the equipment is estimated to have a 10-year useful life and no salvage value. During 2022, the following selected transactions occurred. Apr1 Purchased land for $4.10 million. Paid $1.025 million cash and issued a 3 year, note payable for the balance Interest on the note is payable annually each April 1 May 1 Sold equipment for $260,000 cash. The equipment cost $282 million when originally purchased on January 1, 2014 June 1 Sold land for 55.60 million. Received $800.000 cash and accepted a war 5% note for the balance The land cost $1.60 million when purchased on June 1, 2016. Interest on the note is due annually each June 1 July 1 Purchased equipment for $2.80 million cach Dec 31 Retired equipment that cost $1 million when purchased on December 31, 2012 No proceeds were received Type here to search
ORIOLE COMPANY Statement of Financial Position (Partial) eTextbook and Media Type here to search AD 4 11 105