Use the following information and determine the carrying amount of the property, plant, and equipment of Ziska Ltd. (Ziska)

on July 1, 2014, the first day of its 2015 fiscal year. (An accounting equation spreadsheet, journal entries, or T-accounts may help you answer this question. Hint: You are calculating the account balance at the beginning of the year.)

i. On June 30, 2015, the cost of Ziska’s property, plant, and equipment was

$550,000 and the accumulated depreciation was $175,000.

ii. During fiscal 2015, Ziska purchased property, plant, and equipment for $127,000 in cash plus $50,000 in notes payable.

iii. During fiscal 2015, Ziska sold property, plant, and equipment for $50,000. The property, plant, and equipment had accumulated depreciation of $175,000 and Ziska recognized a gain of $35,000.

iv. During fiscal 2015, Ziska sold land for $68,000 cash, which produced a loss of

$12,000.

vy. During fiscal 2015, Ziska wrote down property, plant, and equipment by $22,000.

vi. Ziska recorded a depreciation expense of $66,000.