E 10-15 Assume that General Motors Corporation’ comparative
E10-15 General Motors Corporation
Assume that General Motors Corporation’ comparative balance sheet reported these amounts.
In millions
December 31
20X2 20X1
Property:
Land, plant and equipment $59,777 $59,565
Less accumulation depreciation (34,363) (34,641)
Net land, Plant and equipment 25,414 24,924
Required
Assume that on January 2,20X3, GM sold 1/10 of its land, plant and equipment for $3,000 million. Journalize this transaction for GM. Round to the nearest $1 million.
