Do not give image format Selected accounts included in the property, plant, and equipment section of Concord Corporation's balance sheet at December 31,2024, had the following balances.LandLand improvementsBuildings.Equipment1.2.During 2025, the following transactions occurred.3.$330,000154,0001,210,0001,056,000InstallationA tract of land was acquired for $165,000 as a potential future building site.A plant facility consisting of land and building was acquired from Mendota Company in exchange for 22,000 shares ofConcord's common stock. On the acquisition date, Concord's stock had a closing market price of $37 per share on a nationalstock exchange. The plant facility was carried on Mendota's books at $121,000 for land and $352,000 for the building at theexchange date. Current appraised values for the land and building, respectively, are $253,000 and $759,000.Items of machinery and equipment were purchased at a total cost of $440,000. Additional costs were incurred as follows.Freight and unloadingSales taxes$14,30022,00028,600 4.5.6.Expenditures totaling $104,500 were made for new parking lots, streets, and sidewalks at the corporation's various plantlocations. These expenditures had an estimated useful life of 15 years.LandA machine costing $88,000 on January 1, 2017, was scrapped on June 30, 2025. Double-declining-balance depreciation hasbeen recorded on the basis of a 10-year life.A machine was sold for $22,000 on July 1, 2025. Original cost of the machine was $48,400 on January 1, 2022, and it wasdepreciated on the straight-line basis over an estimated useful life of 7 years and a salvage value of $2,200.(a) Calculate the balance at December 31, 2025 in each of the following balance sheet accounts. (Hint: Disregard the relatedaccumulated depreciation accounts.)Land improvementsBuildingsEquipmentBalance at December 31, 2025+AIA

Balance sheet stands for the statement and information that shows the assets and liabilities of the…

Selected accounts included in the property, plant, and equipment section of Concord Corporation's balance sheet at December 31, 2024, had the following balances. Land Land improvements Buildings Equipment $330,000 154,000 1,210,000 1,056,000

Selected accounts included in the property, plant, and equipment section of Concord Corporation's balance sheet at December 31, 2024, had the following balances. Land Land improvements Buildings Equipment $330,000 154,000 1,210,000 1,056,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 5P: Assets Acquired by Exchange Bremer Company made the following exchanges of assets during 2019: 1....

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Hawks Corporation’s Property, Plant and Equipment section of its statement of financial position as of December 31, 2019 included the following: Land P 400,000 Buildings 3,200,000 The following transactions occurred during 2020: Land site number 102 was acquired for P4,000,000. Additionally, to acquire the land the entity paid a P240,000 commission to a real estate agent. Costs of P60,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for P20,000. A second tract of land (site number 103) with a building was acquired for P1,200,000. Based on reliable information at the time of acquisition, fair value of land is P800,000 and the building P400,000. Shortly after acquisition, the building was demolished at a cost of P120,000. A new building was constructed for P1,600,000 plus the following costs: Excavation fees P 44,000 Architectural design fees 32,000 Building permit…
Hawks Corporation’s Property, Plant and Equipment section of its statement of financial position as of December 31, 2019 included the following: Land P 400,000 Buildings 3,200,000 The following transactions occurred during 2020: Land site number 102 was acquired for P4,000,000. Additionally, to acquire the land the entity paid a P240,000 commission to a real estate agent. Costs of P60,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for P20,000. A second tract of land (site number 103) with a building was acquired for P1,200,000. Based on reliable information at the time of acquisition, fair value of land is P800,000 and the building P400,000. Shortly after acquisition, the building was demolished at a cost of P120,000. A new building was constructed for P1,600,000 plus the following costs: Excavation fees P 44,000 Architectural design fees 32,000 Building permit…