4. Disposal of Plant Assets (with depreciation, adjusting entries and statement
Presentation)
At December 31, 2012, Saidi Company reported the following as plant assets.
Land RO 4,000,000
Buildings RO28,500,000
Less: Accumulated depreciation—buildings 12,100,000 16,400,000
Equipment 48,000,000
Less: Accumulated depreciation—equipment 5,000,000 43,000,000
Total plant assets RO63,400,000
During 2013, the following selected cash transactions occurred.
April 1 Purchased land for RO2,130,000.
May 1 Sold equipment that cost RO780,000 when purchased on January 1, 2009. The
Equipment was sold for RO450,000.
June 1 Sold land purchased on June 1, 2003 for RO1,500,000. The land cost
RO400,000.
July 1 Purchased equipment for RO2,000,000.
Dec. 31 Retired equipment that cost RO500,000 when purchased on December 31, 2003.
No salvage value was received.
Instructions
(a) 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.
(b) Record adjusting entries for depreciation for 2013.
(c) Prepare the plant assets section of Saidi's balance sheet at December 31, 2013.

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