Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION IS COMPLETE, IF YOU CANT SOLVED DON'T CHECK AS INCOMPLETE OR MISSING INFO, PLEASE>>>>> Selected accounts included in the property, plant, and equipment section

QUESTION IS COMPLETE, IF YOU CAN"T SOLVED DON'T CHECK AS INCOMPLETE OR MISSING INFO, PLEASE>>>>>

Selected accounts included in the property, plant, and equipment section of Marin Corporation's balance sheet at December 31, 2016, had the following balances..

Land $336,000

Land improvements 156,800

Buildings 1,232,000

Equipment 1,075,200

During 2017, the following transactions occurred.

1.A tract of land was acquired for $168,000 as a potential future building site

2.A plant facility consisting of land and building was acquired from Mendota Company in exchange for 22,400 shares of Marin's common stock. On the acquisition date, Marin'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 $123,200 for land and $358,400 for the building at the exchange date. Current appraised values for the land and building, respectively, are $257,600 and $772,800

.3 .Items of machinery and equipment were purchased at a total cost of $448,000. Additional costs were incurred as follows.

Freight and unloading $14,560

Sales taxes 22,400

Installation 29,120

4.

Expenditures totaling $106,400 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 $89,600 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 $22,400 on July 1, 2017. Original cost of the machine was $49,280 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 $2,240.

(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

Land Improvements

Buildings

Equipment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions