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17. The following information is for Central Avenue Real Estate: Central Avenue Real Estate Balance Sheet December 31, 2020 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities $ 60,000 25,000 85,000 170,000 Cash $ 25,000 Prepaid Insurance 40,000 Accounts Receivable 50,000 Inventory 80,000 Land Held for Investment 75,000 Land 120,000 Building $110,000 Less Accumulated Depreciation (20,000) 90,000 Trademark Total Assets $550.000 Owner's Capital 380,000 70,000 Total Liabilities and Owner's Equity $550.000 The total dollar amount of assets to be classified as property, plant, and equipment is a $210,000 b. $230,000. C. $285,000 d. $315,000 $2,500,000 400,000 50,000 1,353,000 18. A company shows the following balances: Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold What is the gross profit rate? a. 34% b. 46% C. 66% d. 54% 19. Gagner Clinic purchases land for $175,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land? a $157,200 b. $175,000 c. $179,700 d. $157,500