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Selected accounts included in the property, plant, and equipment section of Concord Corporation's balance sheet at December 31, 2024, had the following balances. Land Land improvements Buildings Equipment $330,000 154,000 1,210,000 1,056,000

Selected accounts included in the property, plant, and equipment section of Concord Corporation's balance sheet at December 31, 2024, had the following balances. Land Land improvements Buildings Equipment $330,000 154,000 1,210,000 1,056,000

FINANCIAL ACCOUNTING
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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Selected accounts included in the property, plant, and equipment section of Concord Corporation's balance sheet at December 31, 2024, had the following balances. Land Land improvements Buildings. Equipment 1. 2. During 2025, the following transactions occurred. 3. $330,000 154,000 1,210,000 1,056,000 Installation A tract of land was acquired for $165,000 as a potential future building site. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 22,000 shares of Concord's common stock. On the acquisition date, Concord's stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota's books at $121,000 for land and $352,000 for the building at the exchange date. Current appraised values for the land and building, respectively, are $253,000 and $759,000. Items of machinery and equipment were purchased at a total cost of $440,000. Additional costs were incurred as follows. Freight and unloading Sales taxes $14,300 22,000 28,600
Transcribed Image Text:Selected accounts included in the property, plant, and equipment section of Concord Corporation's balance sheet at December 31, 2024, had the following balances. Land Land improvements Buildings. Equipment 1. 2. During 2025, the following transactions occurred. 3. $330,000 154,000 1,210,000 1,056,000 Installation A tract of land was acquired for $165,000 as a potential future building site. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 22,000 shares of Concord's common stock. On the acquisition date, Concord's stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota's books at $121,000 for land and $352,000 for the building at the exchange date. Current appraised values for the land and building, respectively, are $253,000 and $759,000. Items of machinery and equipment were purchased at a total cost of $440,000. Additional costs were incurred as follows. Freight and unloading Sales taxes $14,300 22,000 28,600
4. 5. 6. Expenditures totaling $104,500 were made for new parking lots, streets, and sidewalks at the corporation's various plant locations. These expenditures had an estimated useful life of 15 years. Land A machine costing $88,000 on January 1, 2017, was scrapped on June 30, 2025. Double-declining-balance depreciation has been recorded on the basis of a 10-year life. A machine was sold for $22,000 on July 1, 2025. Original cost of the machine was $48,400 on January 1, 2022, and it was depreciated on the straight-line basis over an estimated useful life of 7 years and a salvage value of $2,200. (a) Calculate the balance at December 31, 2025 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.) Land improvements Buildings Equipment Balance at December 31, 2025 +A IA
Transcribed Image Text:4. 5. 6. Expenditures totaling $104,500 were made for new parking lots, streets, and sidewalks at the corporation's various plant locations. These expenditures had an estimated useful life of 15 years. Land A machine costing $88,000 on January 1, 2017, was scrapped on June 30, 2025. Double-declining-balance depreciation has been recorded on the basis of a 10-year life. A machine was sold for $22,000 on July 1, 2025. Original cost of the machine was $48,400 on January 1, 2022, and it was depreciated on the straight-line basis over an estimated useful life of 7 years and a salvage value of $2,200. (a) Calculate the balance at December 31, 2025 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.) Land improvements Buildings Equipment Balance at December 31, 2025 +A IA
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