1.These are selected account balances on December 31, 2017: Land (location of the corporations office building) $400,000, Land held for investment $600,000, Office Building $2,900,000, Inventory $800,000, Equipment $1,800,000, Office Furniture $400,000, Accumulated Depreciation $1,200,000. What is the total amount of property, plant, and equipment that will appear on the Balance Sheet?

$5,700,000

$6,900,000

$4,300,000

$4,900,000

2.On January 1, 2017 Abc Company purchased 50, 6% Kellys Company bonds for $50,000 cash. Interest is payable annually on January 1. The entry to record the December 31, 2017 interest accrual would include a

debit to Debt Investments for $3,000.

debit to Interest Receivable for $3,000.

credit to Interest Revenue for $1,500.

debit to Interest Revenue for $3,000.

3.

In Shannon Company, there was an increase in the land account during the year of $48,000. Analysis reveals that the change resulted from a cash sale of land at a cost $150,000, and a cash purchase of land for $198,000. In the statement of cash flows, the change in the land account should be reported in the investing section:

only as a sale of land $150,000.

as a net purchase of land, $48,000.

only as a purchase of land $198,000.

as a purchase of land $198,000 and a sale of land $150,000.