Zookal
Zookal

We’d love to hear any feedback or comment from you!

© 2011-2021 Zookal Pty Ltd

View question and answer

From our collection of questions and answers
Business · Accounting
Question details

Selected accounts included in the property, plant, and equipment section of Whispering Corporations balance sheet at December 31, 2016, had the following balances. Land Land improvements 170,800 Buildings Equipment $ 366,000 1,342,000 1,171,200 During 2017, the following transactions occurred. 1. 2. Atract of land was acquired for $183,000 as a potential future building site. A plant facility consisting of land and building was acquired from Mendota Company in exchangefor 24,400 shares of Whisperings common stock. On the acquisition date, Whisperings stock had a closing market price of $ 37 per share on a national stock exchange. The plant facility was carried on Mendotas books a respectively, are $ 280,600 and $ 841,800. 134,200 for land and $ 390,400 for the building at the exchange date. Current appraised values for the land and building, 3. Items of machinery and equipment were purchased at a total cost of $488,000. Additional costs were incurred as follows Freight and unloading Sales taxes Installation $15,860 24,400 31,720 4. Expenditures totaling $115,900 were made for new parking lots, streets, and sidewalks at the corporations various plant locations. These expenditures had an estimated useful life of 15 years. 5. A machine costing$ 97,600 on January 1,2009, was scrapped on June 30, 2017. Double-declining-balance depreciation has been recorded on the basis of a 10-year life 6. A machine was sold for $24,400 on July 1, 2017. Original cost of the machine was $ 53,680 on January 1,2014, and it was depreciated on the straight-line basis over an estimated useful life of 7 years and a salvage value of$ 2,440 (a) Calculate the balance at December 31, 2017 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.) Balance at December 31, 2017 Land Land Improvements$ Buildings Equipment

Answer
Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.

Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.