Business, 24.03.2020 03:04, abieber4328

At December 31, 2020, Metlock, Inc. reported the following as plant assets. Land $ 3,560,000 Buildings $29,120,000 Less: Accumulated depreciation—buildings 13,240,000 15,880,000 Equipment 47,320,000 Less: Accumulated depreciation—equipment 4,650,000 42,670,000 Total plant assets $62,110,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. May 1 Sold equipment that cost $1,080,000 when purchased on January 1, 2017. The equipment was sold for $648,000. June 1 Sold land purchased on June 1, 2011 for $1,510,000. The land cost $395,000. July 1 Purchased equipment for $2,480,000. Dec. 31 Retired equipment that cost $473,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Journalize the above transactions.

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At December 31, 2020, Metlock, Inc. reported the following as plant assets. Land $ 3,560,000 Buildin...