Question

Axel Company reports the following amounts at December 31, 2021: Land held for speculation $177,000 Vehicles...

Axel Company reports the following amounts at December 31, 2021: Land held for speculation $177,000 Vehicles 519,000 Equipment 737,000 Accumulated depreciation 362,000 What amount will be reported as net property, plant and equipment on Axel's December 31, 2021 balance sheet?

Homework Answers

Answer #1

Answer: $894,000

Explanation:

Land held for Speculation is classified as Long term Investment and hence will not be reported under Property, plant and Equipment.Therefore, In the given situation, Property,Plant and Equipment will include only vehicles and Equipment.

Computation of Net Propery, Plant and Equipment
Particulars Amount
Vehicles $519,000
Equipment $737,000
Gross property, plant and equipment at December 31,2021 $1,256,000
Less: Accumulated Depreciation 362,000
Net Property, Plant and Equipment at December 31,2021 894,000
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