A partial portion of the balance sheet at December 31 #721

A partial portion of the balance sheet at December 31, 2012, for the Gusto Corporation is
presented below:The following transactions occurred during 2013:• On January 1, retired
equipment with a net book value of $2,000. The equipment was purchased for $8,000. No value
was received from the retirement.• On January 1, Gusto sold a building with an original 30-year
useful life and no estimated salvage value for $90,000 cash. The building was originally
purchased on December 31, 2002 for $120,000.• Purchased land for $90,000 on April 30.• On
July 1, Gusto purchased equipment for $30,000 by signing a long-term note payable.• Prepared
depreciation entries on December 31. Depreciation expense for the year was $40,000 for
buildings and $4,500 for equipment.Requireda. Prepare journal entries to record all of the above
transactions.b. Prepare the property and equipment portion of Gusto's balance sheet at
December 31, 2013.View Solution:
A partial portion of the balance sheet at December 31

ANSWER
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