Ms. Rosselle, the company's president donated land and building appraised at 200,000 and 400, 000 respectively, to the company to be used as a plant site. The company began operating the plant on September 10, 2019. The building is estimated to have a useful life of 25 years. Since no money was involved, no journal entry was made. What is the carrying amount of the PPE as of December 31, 2019?
Ms. Rosselle, the company's president donated land and building appraised at 200,000 and 400, 000 respectively, to the company to be used as a plant site. The company began operating the plant on September 10, 2019. The building is estimated to have a useful life of 25 years. Since no money was involved, no journal entry was made. What is the carrying amount of the PPE as of December 31, 2019?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ms. Rosselle, the company's president donated land and building appraised at 200,000 and 400, 000 respectively, to the company to be used as a plant site. The company began operating the plant on September 10, 2019. The building is estimated to have a useful life of 25 years. Since no money was involved, no journal entry was made. What is the carrying amount of the PPE as of December 31, 2019?
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