The plant asset and accumulated depreciation accounts of Pell
Corporation had the following balances at December...
The plant asset and accumulated depreciation accounts of Pell
Corporation had the following balances at December 31, 2015:
Plant Asset
Accumulated
Depreciation
Land
$
360,000
$
—
Land
improvements
185,000
46,000
Building
1,550,000
351,000
Machinery and
equipment
1,160,000
406,000
Automobiles
155,000
113,000
Transactions during
2016 were as follows:
a.
On January 2, 2016, machinery and equipment were purchased at a
total invoice cost of $265,000, which included a $5,600 charge for
freight. Installation costs of $28,000 were incurred.
b.
On...
Problem 10-3 (Algo) Acquisition costs [LO10-1, 10-4, 10-6]
The plant asset and accumulated depreciation accounts of...
Problem 10-3 (Algo) Acquisition costs [LO10-1, 10-4, 10-6]
The plant asset and accumulated depreciation accounts of Pell
Corporation had the following balances at December 31,
2020:
Plant Asset
Accumulated
Depreciation
Land
$
550,000
$
—
Land improvements
280,000
65,000
Building
2,500,000
370,000
Equipment
1,198,000
425,000
Automobiles
250,000
132,000
Transactions during 2021 were as follows:
On January 2, 2021, equipment were purchased at a total invoice
cost of $360,000, which included a $7,500 charge for freight.
Installation costs of $47,000 were...
canadian accounting:
At December 31, 20x8, McCord Company's plant asset and
accumulated depreciation accounts had balances...
canadian accounting:
At December 31, 20x8, McCord Company's plant asset and
accumulated depreciation accounts had balances as follows:
Category
Cost
Accumulated Depreciation
Land
$175,000
$-
Buildings
1,500,000
328,900
Machinery and equipment
1,125,000
317,500
Automobiles and trucks
172,000
100,325
Leasehold improvements
216,000
144,000
Land improvements
-
-
Depreciation methods and useful lives:
Buildings - 6% diminishing balance
Machinery and equipment-straight line - 10 years
Automobiles and trucks - 30% diminishing balance; all acquired
after 20x5. Leasehold improvements - straight line.
Land...
Solich Sandwich Shop had the following long-term asset balances
as of December 31, 2018:
Cost
Accumulated...
Solich Sandwich Shop had the following long-term asset balances
as of December 31, 2018:
Cost
Accumulated Depreciation
Book
Value
Land
$ 78,000
?
$ 78,000
Building
443,000
$(84,170
)
358,830
Equipment
198,400
(46,600
)
151,800
Patent
165,000
(66,000
)
99,000
Solich purchased all the assets at the beginning of 2016 (3 years
ago). The building is depreciated over a 20-year service life using
the double-declining-balance method and estimating no residual
value....
Problem 10-1
At December 31, 2016, certain accounts included in the property,
plant, and equipment section...
Problem 10-1
At December 31, 2016, certain accounts included in the property,
plant, and equipment section of Monty Company’s balance sheet had
the following balances.
Land
$239,000
Buildings
901,400
Leasehold improvements
660,000
Equipment
882,000
During 2017, the following transactions occurred.
1.
Land site number 621 was acquired for $859,100. In addition, to
acquire the land Monty paid a $51,100 commission to a real estate
agent. Costs of $44,400 were incurred to clear the land. During the
course of clearing the...
Wildhorse Company’s December 31, 2020, trial balance includes
the following accounts: Inventory $122,700, Buildings $215,000,
Accumulated...
Wildhorse Company’s December 31, 2020, trial balance includes
the following accounts: Inventory $122,700, Buildings $215,000,
Accumulated Depreciation-Equipment $24,500, Equipment $192,800,
Land (held for investment) $54,100, Accumulated
Depreciation-Buildings $47,300, Land $65,800, and Timberland
$70,100.
Prepare the property, plant, and equipment section of the
balance sheet.
Mains Corporation owns equipment with a cost of $290,000 and
accumulated depreciation at December 31, 2017...
Mains Corporation owns equipment with a cost of $290,000 and
accumulated depreciation at December 31, 2017 of $150,000. It is
estimated that he machinery will generate future cash flows of
$165,000. The machinery has a fair value of $115,000. Mains should
recognize a loss on impairment of
For the year ended December 30th, the T accounts for plant
assets and accumulated depreciation of...
For the year ended December 30th, the T accounts for plant
assets and accumulated depreciation of KANEKO TRADING, CO. are as
follows: PLANT ASSETS+ ACCUMULATED DEPRECIATION Beginning Balance
260,000 Disposals 92,000 Disposals 58,800 Beginning Balance.
138,000 Purchases 134,400 Depreciation 40,800 Ending Balance
302,400 Ending Balance 120,000 In addition, KANEKO TRADING, CO’ s
Income statement shows a gain on sales of plant assets by 17,600
Task required: Compute the amounts to be shown as cash flows from
investing activities (assuming purchases...
At December 31, 2020, Sheffield Company reported the following
as plant assets.
Land
$ 4,110,000
Buildings...
At December 31, 2020, Sheffield Company reported the following
as plant assets.
Land
$ 4,110,000
Buildings
$28,650,000
Less: Accumulated depreciation—buildings
13,680,000
14,970,000
Equipment
47,920,000
Less: Accumulated depreciation—equipment
4,730,000
43,190,000
Total plant assets
$62,270,000
During 2021, the following selected cash transactions
occurred.
April 1
Purchased land for $2,150,000.
May 1
Sold equipment that cost $870,000 when purchased on January 1,
2017. The equipment was sold for $522,000.
June 1
Sold land purchased on June 1, 2011 for $1,420,000. The land
cost...
The following data pertain to Branner Company: Accounts Payable,
$10,200; Accounts Receivable, $7,600; Accumulated
Depreciation-Building, $2,800;...
The following data pertain to Branner Company: Accounts Payable,
$10,200; Accounts Receivable, $7,600; Accumulated
Depreciation-Building, $2,800; Accumulated Depreciation-Equipment,
$3,400; Bonds Payable, $12,000; Building, $14,000; Cash, $6,240;
Copyright, $1,240; Equipment, $30,400; Inventory, $8,000;
Investment in Corporate Securities (long-term), $4,000; Investment
in Six-Month Government, Securities, $3,280; F. Branner, Capital,
$47,640; Land, $1,600; Prepaid Rent, $240; and Revenue Received in
Advance, $560.
Prepare a classified balance sheet at December 31, 2011. Assume
that this is Branner Company’s first year of operation.