Concord CorporationBalance Sheet (Partial)December 31, 2023Plant Assets481Buildings28,180,000LessAccumulated Depreciation-Buildings48,385,000LessAccumulated Depreciation-EquipmentTotal Plant Assets$%24%24%24 At December 31, 2022, Concord Corporation reported the following plant assets.Land$ 3,640,000Buildings$28,180,000Less: Accumulated depreciation-buildings12,681,00015,499,000Equipment48,740,000Less: Accumulated depreciation-equipment6,092,50042,647,500Total plant assets$61,786,500During 2023, the following selected cash transactions occurred.Apr. 1Purchased land for $2,170,000O.May 1Sold equipment that cost $750,000 when purchased on January 1, 2016. The equipment was sold for $225,000.June 1Sold land for $1,510,000. The land cost $993,000.July 1Purchased equipment for $1,093,000.Dec. 31Retired equipment that cost $698,000 when purchased on December 31, 2013. No salvage value was received.

Depreciation of Building cost of Building /Useful life 28180000/40 year 704,500…

Concord Corporation Balance Sheet (Partial) December 31, 2023 Plant Assets 481 Buildings $ 28,180,000 Less : Accumulated Depreciation-Buildings 48,385,000 Less : Accumulated Depreciation-Equipment Total Plant Assets %24

Concord Corporation Balance Sheet (Partial) December 31, 2023 Plant Assets 481 Buildings $ 28,180,000 Less : Accumulated Depreciation-Buildings 48,385,000 Less : Accumulated Depreciation-Equipment Total Plant Assets %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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: Accumulated Depreciation $ Land Land improvements Building Equipment Automobiles Plant Asset $ 480,000 245,000 2,150,000 1,184,000 215,000 Transactions during 2021 were as follows: a. On January 2, 2021, equipment were purchased at a total invoice cost of $325,000, which included a $6,800 charge for freight. Installation costs of $40,000 were incurred. b. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $32,000. The fair value of the building on the day of the donation was $21,000. c. On May 1, 2021, expenditures of $63,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those…
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Extract from the statement of P&L and OCI of Don Ltd for year ended 30 June 20X8 and the Balance Sheet at 30 June 20X7 and 20X8 are given below. 20X7 20X8 Sales $2,120,000 Interest revenue $3,000 Loss on sale of plant and equipment ($25,000) Current Assets Interest receivable $1,500 $3,000 Non-current assets Plant and equipment (at cost) $410,000 $425,000 (-) Accumulated depreciation ($85,000) ($102,000) Loan to CEO $60,000 $45,000 Current liabilities Trade Payables $14,200 $34,250 Additional information: On 1 January 20X8 Don Ltd sold plant and equipment with a carrying amount of $75,000 (cost $100,000) and received $50,000 cash. An item of plant and equipment was purchased on 29 June 20X8. Not all of this was paid for with cash. $30,000 of this amount was purchased on credit and is in the trade payables balance at 30 June 20X8. Don Ltd…
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Subject : Accounting
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