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Selected accounts included in the property, plant, and equipment section of Stellar Corporation's balance sheet at December 31, 2016, had the following balances. Land $544,700
Selected accounts included in the property, plant, and equipment section of Stellar Corporation's balance sheet at December 31, 2016, had the following balances. Land $544,700 Land improvements 280,800 Buildings 2,185,300 Equipment 943,800 During 2017, the following transactions occurred. 1. A tract of land was acquired for $348,400 as a potential future building site. 2. 3. A plant facility consisting of land and building was acquired from Futball Company exchange for 15,600 shares of Stellar's common stock. On the acquisition date, Stellar's stock had exchange. The plant facility was carried on Futball's book sing market price of $43 per share on a national stock 4200 for land and $527,800 for the building at the exchange date. Current appraised values for the land and building, reatively, are $109,200 and $436,800. Items of machinery and equipment were purchased at a total cost of $803,400. Additional costs were incurred as follows. Freight $27,300 Sales taxes 14,950 Installation 56,680 4. 5. 6. Expenditures totaling $78,000 were made for new parking lots, streets, and sidewalks at the plant facility acquired from Futball Company. These expenditures have an estimated useful life of 10 years. A machine costing $78,000 on January 1, 2013, was scrapped on June 30, 2017. Straight-line depreciation has been recorded on the basis of a 5-year life and a salvage value of $6,500. A machine was sold for $19,500 on July 1, 2017. Original cost of the machine was $130,000 on January 1, 2014, and it was depreciated using the double-declining balance method over an estimated useful life of 8 years and a zero salvage value. (a) Calculate the balance at December 31, 2017 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.) Calculate the balance at December 31, 2017 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.) Land Balance at December 31, 2017 $ Land Improvements $ 358,800 Buildings $ Equipment $ eTextbook and Media
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