At the end of 2014, Zeman, Corp. had total assets of $ 25 million and total liabilities

Question:

At the end of 2014, Zeman, Corp. had total assets of $ 25 million and total liabilities of $ 13 million. Included in the assets were property, plant, and equipment with a cost of $ 9 million and accumulated depreciation of $ 3 million. During 2014, Zeman, Corp. earned total revenues of $ 20 million and had total expenses of $ 17 million. Show how Zeman, Corp. reported property, plant, and equipment on its balance sheet on December 31, 2014. What was the book value of property, plant, and equipment on that date?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...