{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-09-16T06:05:52-04:00", "answer_date": "2024-09-16 06:05:52", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "11153465", "url": "\/study-help\/questions\/land-land-improvements-building-equipment-automobiles-plant-asset-520000-11153465", "question_creation_date_js": "2024-09-16T06:05:52-04:00", "question_creation_date": "Sep 16, 2024 06:05 AM", "meta_title": "[Solved] Land Land improvements Building Equipment | SolutionInn", "meta_description": "Answer of - Land Land improvements Building Equipment Automobiles Plant Asset $ 520,000 265,000 2,350,000 1,192,000 235,000 Accumu | SolutionInn", "meta_keywords": "land,improvements,building,equipment,automobiles,plant,asset,$,520,000,265,000,2,350,000,1,192,000", "question_title_h1": "Land Land improvements Building Equipment Automobiles Plant Asset $ 520,000 265,000 2,350,000 1,192,000 235,000 Accumulated Depreciation $ 62,000 367,000 422,000 129,000 Transactions during 2021 were", "question_title": "Land Land improvements Building Equipment Automobiles Plant Asset $ 520,000 265,000 2,350,000", "question_title_for_js_snippet": "Land Land improvements Building Equipment Automobiles Plant Asset $ 520,000 265,000 2,350,000 1,192,000 235,000 Accumulated Depreciation $ 62,000 367,000 422,000 129,000 Transactions during 2021 were as follows a On January 2, 2021, equipment were purchased at a total invoice cost of $345,000, which included a $7,200 charge for freight Installation costs of $44,000 were incurred b On March 31, 2021, a small storage building was donated to the company The person donating the building originally purchased it three years ago for $36,000 The fair value of the building on the day of the donation was $23,000 c On May 1, 2021, expenditures of $67,000 were made to repave parking lots at Pell's plant location The work was necessitated by damage caused by severe winter weather The repair doesn't provide future benefits beyond those originally anticipated d On November 1, 2021, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common stock that had a market price of $39 per share Pell paid legal fees and title insurance totaling $40,000 Shortly after acquisition, the building was razed at a cost of $52,000 in anticipation of new building construction in 2022 e On December 31, 2021, Pell purchased a small storage building by giving $16,950 cash and an old automobile purchased for $26,500 in 2014 Depreciation on the old automobile recorded through December 31, 2021, totaled $15,200 The fair value of the old automobile was $5,450 Required Prepare a schedule analyzing the changes in each of the plant assets during 2021 X Answer is complete but not entirely correct Land Land improvements Building PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2021 Balance Balance 12 31 2020 Increase Decrease 12 31 2021 S 520,000 $ 482,000 $ 1,002,000 265,000 265,000 2,350,000 23,000 2,395,400 22,400 1,192,000 389,000 1,581,000 235,000 22,000 X 213,000 X $ 4,562,000 $ 916,400 S 22,000 $ 5,456,400 Equipment Automobiles Totals", "question_description": "

\"image<\/p> Land Land improvements Building Equipment Automobiles Plant Asset $ 520,000 265,000 2,350,000 1,192,000 235,000 Accumulated Depreciation $ 62,000 367,000 422,000 129,000 Transactions during 2021 were as follows: a. On January 2, 2021, equipment were purchased at a total invoice cost of $345,000, which included a $7,200 charge for freight Installation costs of $44,000 were incurred. b. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $36,000. The fair value of the building on the day of the donation was $23,000. c. On May 1, 2021, expenditures of $67,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On November 1, 2021, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common stock that had a market price of $39 per share. Pell paid legal fees and title insurance totaling $40,000. Shortly after acquisition, the building was razed at a cost of $52,000 in anticipation of new building construction in 2022. e. On December 31, 2021, Pell purchased a small storage building by giving $16,950 cash and an old automobile purchased for $26,500 in 2014. Depreciation on the old automobile recorded through December 31, 2021, totaled $15,200. The fair value of the old automobile was $5,450. Required: Prepare a schedule analyzing the changes in each of the plant assets during 2021. X Answer is complete but not entirely correct. Land Land improvements Building PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2021 Balance Balance 12\/31\/2020 Increase Decrease 12\/31\/2021 S 520,000 $ 482,000 $ 1,002,000 265,000 265,000 2,350,000 23,000 2,395,400 22,400 1,192,000 389,000 1,581,000 235,000 22,000 X 213,000 X $ 4,562,000 $ 916,400 S 22,000 $ 5,456,400 Equipment Automobiles Totals", "transcribed_text": "", "related_book": { "title": null, "isbn": null, "edition": null, "authors": null, "cover_image": null, "uri": null, "see_more_uri": "" }, "free_related_book": { "isbn": "", "uri": "", "name": "", "edition": "" }, "question_posted": "2024-09-16 06:05:52", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/statistics-alive\/1111-marital-happiness-and-income-in-exercise-115-when-you-2017546", "description": "11.11 Marital happiness and income In Exercise 11.5 when you used the GSS to download a 3 * 3 table for family income and marital happiness in 2012, you should have obtained results similar to the...", "stars": 0 }, { "url": "\/on-january-1-2010-learned-inc-issued-60-million-face", "description": "On January 1, 2010, Learned, Inc., issued $60 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. 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