Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2015: Accumulated Plant Asset Depreciation Land Land improvements
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2015: Accumulated Plant Asset Depreciation Land Land improvements Building Machinery and equipment 1,078,000365 000 Automobiles S 310,000 168,000 1,420,000 37,000 310,000 142.000 108.000 a. On January 2, 2016, machinery and equipment were purchased at a total invoice cost of $220000 wwhich b. On March 31, 2016, a machine purchased for $50.000 in 2012 was sold for $32,500 Depreciation c On May 1, 2016, expenditures of 542.000 were made to repave parking lots at Pell's plant location The d. On November 1 2016. Pell acquired a tract of land with an existing building in exchange for 10,000 Transactions during 2016 were as follows: included a 54.700 charge for freight Installation costs of $19,000 were incurred recorded through the date of sale totaled $21 250 work was necessitated by damage caused by severe winter weather shares of Pell's common stock that had a market price of $30 per share Pell paid legal feesland title insurance totaling $19000 Shortly after acquisition the building was razed at a cost of $27,000 in anticipation of new building construction in 2017 e On December 31. 2016 Pell purchased a new automobile for $13.250 cash and trade-in of an old automobile purchased for $14 000 in 2012 Depreciation on the old automobile recorded through December 31 2016 totaled $10 500 The fair value of the old automobile was $3 350 Required
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started