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PDtax, Master's Degree
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Journalize equipment transactions related to purchase, sale,

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Attachment: 2013-11-13_212449_week_3_problem.docx

Journalize equipment transactions related to purchase, sale, retirement, and depreciation. (5, 8) At December 31, 2007, Ruiz Corporation reported the following plant assets. Land $ 3,000,000 Buildings $26,500,000 Less: Accumulated depreciation—buildings 12,100,000 14,400,000 Equipment 40,000,000 Less: Accumulated depreciation—equipment 5,000,000 35,000,000 Total plant assets $52,400,000 During 2008, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,200,000. May 1 Sold equipment that cost $660,000 when purchased on January 1, 2001. The equipment was sold for $200,000. June 1 Sold land for $1,800,000. The land cost $700,000. July 1 Purchased equipment for $1,300,000. Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 1998. No salvage value was received. Instructions 1. Journalize the transactions. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2008 transactions.) Ruiz uses straight-line depreciation for buildings and equipment. 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. Update depreciation on assets disposed of at the time of sale or retirement. 2. Record adjusting entries for depreciation for 2008. 3. (c) Tot. plant assets $50,340,500 Prepare the plant assets section of Ruiz's balance sheet at December 31, 2008.

Submitted: 5 months ago.
Category: Business and Finance Homework
Expert:  F. Naz replied 5 months ago.
By what time do you need the answer thanks.
Customer: replied 5 months ago.


can I get this this afternoon?

Expert:  PDtax replied 5 months ago.
Welcome to the site. I'm PDtax, and saw you asked for me originally. If you are being helped, no problem. If you need assistance, I will be back this afternoon.

Customer: replied 5 months ago.

thanks! at this point whom ever has free time to get this to me by this afternoon!


 

Expert:  PDtax replied 5 months ago.

Hi. PDtax back online. I will post answers shortly.

Customer: replied 5 months ago.


thank you so much!

Expert:  PDtax replied 5 months ago.
https://app.box.com/s/apje59dgvesyl9686ftn is the link to my solution.

Thanks from Just Answer. I'm PDtax.
PDtax, Master's Degree
Satisfied Customers: 1738
Experience: MBA/CPA, Former college instructor and tutor.
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