At December 31, 2020, Flint Company reported the following as plant assets

At December 31, 2020, Flint Company reported the following as plant assets.

Land $ 3,770,000
Buildings $27,290,000
Less: Accumulated depreciation—buildings 12,170,000 15,120,000
Equipment 48,020,000
Less: Accumulated depreciation—equipment 4,550,000 43,470,000
Total plant assets $62,360,000

During 2021, the following selected cash transactions occurred.

April 1 Purchased land for $2,190,000.
May 1 Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000.
June 1 Sold land purchased on June 1, 2011 for $1,540,000. The land cost $394,000.
July 1 Purchased equipment for $2,530,000.
Dec. 31 Retired equipment that cost $491,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Transcribed Image Text: Record adjusting entries for depreciation for 2021. (Credit account titles are automatically indented when amount is entered. Do not
indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account
titles and enter O for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Depreciation Expense
545800
Accumulated Depreciation-Buildings
545800
(To record building depreciation)
Dec. 31
Depreciation Expense
Accumulated Depreciation-Equipment
(To record equipment deprecition) Transcribed Image Text: 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. (Credit account titles are automatically indented
when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required,
select “No Entry” for the account titles and enter O for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 1
Land
2,190,000
Cash
2,190,000
May 1
Depreciation Expense
30,000
Accumulated Depreciation-Equipment
30,000
(To record depreciation)
May 1
Cash
540000
Accumulated Depreciation-Equipment
390000
Equipment
900000
Gain on Disposal of Plant Assets
30,000
(To record sale of equipment)
June 1
Cash
1540000
Land
394000
Gain on Disposal of Plant Assets
1146000
July 1
Equipment
2530000
Cash
2530000
Dec. 31
Depreciation Expense
49100
Accumulated Depreciation-Equipment
49100
(To record depreciation)
Dec. 31 v
Accumulated Depreciation-Equipment
491000
Equipment
491000
(To record retirement of equinment)

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