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can i get help? Thanks Problem 10-2 Your answer is partially correct. Try again Selected accounts included in the property, plant, and equipment section of

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Problem 10-2 Your answer is partially correct. Try again Selected accounts included in the property, plant, and equipment section of Bridgeport Corporation's balance sheet at December 31, 2016, had the following balances $420,000 Land Land improvements 196,000 Buildings 1,540,000 Equipment 1,344,000 During 2017, the following transactions occurred 1. A tract of land was acquired for $210,000 as a potential future building site 2. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 28,000 shares of Bridgeport's common stoc On the acquisition date, Bridgeport'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 $154,000 for land and $448,000 for the building at the exchange date. Current appraised values for the land and building, respectively, are $322,000 and $966,000 3. Items of machinery and equipment were purchased at a total cost of $560,000. Additional costs were incurred as follows Freight and unloading $18,200 28,000 Sales taxes Installation 36,400 4. Expenditures totaling $133,000 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 5. A machine costing $112,000 on January 1, 2009, was scrapped on June 30, 2017. Double-declining-balance depreciation has been recorded on . A machine costing $112,000 on January 1, 2009, was scrapped on June 30, 2017. Double-declining-balance depreciation has been recorded on the basis of a 10-year life. 6. A machine was sold for $28,000 on July 1, 2017. Original cost of the machine was $61,600 on January 1, 2014, and it was depreciated on the straight-line basis over an estimated useful life of 7 years and a salvage value of $2,800. (a) Calculate the balance at December 31, 2017 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.) Balance at December 31, 2017 Land 952,000 Land Improvements 329000 2,506,0003 Buildings Equipment 1,755,600

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