Great Lake Furniture Limited's 2017 financial statements reported these amounts (in thousands of dollars):

In the 2017 annual report, Great Lake Furniture Limited reported amortization expense of $8,552,000. In addition, the company reported it had disposed of certain property, plant, and equipment assets and acquired others. The gain on disposal of property, plant, and equipment was $56,000.
Required
1. What was the accumulated amortization of the assets disposed of during 2017?
2. Assume that Great Lake Furniture Limited acquired assets costing $27,681,000 during 2017. What was the cost price of the assets sold during the year?
3. Write the journal entry to record the disposal of the property, plant, and equipment during the year.

Transcribed Image Text:

December 31 2017 2016 Accumulated Cost AmortizationCost Amortization Accumulated Land Buildings Equipment Vehicles Computer hardware and software Leasehold improvements $41,378 $ 35,073 116,832 51,566 105,325 $46,981 10,678 10,680 3,614 6,220 $223,191 S 86,607 $197 452 78,173 $119,279 17,940 13,994 6,869 26,178 11,712 16,575 11,533 4,335 7,A61 13,513 5,885 21,081 Net book value $136,584