(Calculate missing information, LO 2, 3, 6) Use the following information and determine the NBV of the capital assets of June Inc. (June) on September 30, 2005, the end of its 2005 fiscal year. An accounting equation spreadsheet may help you do this question.

i. On October 1, 2004 the cost of June’s capital assets was $750,000 and the accumulated amortization was $225,000.

ii. During fiscal 2005 June sold capital assets with a cost of $110,000 at a loss of

$20,000. June received $30,000 for the assets.

ili. During fiscal 2005 June sold land, which is included in the capital asset account, for $145,000 cash, which generated a gain for accounting purposes of

$40,000.

iv. During fiscal 2005 capital assets were purchased for $190,000 cash, plus longterm debt of $225,000.

v. During fiscal 2005 June wrote down capital assets by $32,000.

vi. June recorded an amortization expense of $85,000 for fiscal 2005.