At December 31, 2014, Navaro Corporation reported the following plant assets.
Land |
$ 3,525,000 |
Buildings |
$34,160,000 |
Less: Accumulated depreciation—buildings |
14,011,875 |
20,148,125 |
Equipment |
47,000,000 |
Less: Accumulated depreciation—equipment |
5,875,000 |
41,125,000 |
Total plant assets |
$64,798,125 |
During 2015, the following selected cash transactions occurred.
Apr. |
1 |
Purchased land for $2,585,000. |
May |
1 |
Sold equipment that cost $705,000 when purchased on January 1, 2008. The equipment was sold for $199,750. |
June |
1 |
Sold land for $1,880,000. The land cost $1,175,000. |
July |
1 |
Purchased equipment for $1,292,500. |
Dec. |
31 |
Retired equipment that cost $822,500 when purchased on December 31, 2005. No salvage value was received. |
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