How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Bizhelp Your Own Question

Bizhelp, CPA
Category: Multiple Problems
Satisfied Customers: 5883
Experience:  BA degree and Certified Public Accountant
Type Your Multiple Problems Question Here...
Bizhelp is online now
A new question is answered every 9 seconds

At December 31, 2011, Jimenez Company reported the following

Resolved Question:

At December 31, 2011, Jimenez Company reported the following as plant assets.

Land $4,000,000
Buildings $28,500,000
Less: Accumulated depreciation-buildings

Equipment 48,000,000
Less: Accumulated depreciation-equipment


Total plant assets


During 2012, 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, 2008. The equipment was sold for $450,000.
June 1 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 Retired equipment that cost $500,000 when purchased on December 31, 2002. No salvage value was received.
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. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Submitted: 4 years ago.
Category: Multiple Problems
Expert:  Bizhelp replied 4 years ago.

Thanks for your question.

Please click here for the solution.

Hope this helps!
Bizhelp and other Multiple Problems Specialists are ready to help you

Related Multiple Problems Questions