Lowell Company’s December 31, 2014, trial balance includes the following account

Question

Lowell Company’s December 31, 2014, trial balance includes the following accounts: Inventory $120,590; Buildings $215,200; Accumulated Depreciation-Equipment $28,900; Equipment $194,490; Land (held for investment) $49,310; Accumulated Depreciation-Buildings $48,700; Land $68,220; Timberland $74,420.

Prepare the property, plant, and equipment section of the balance sheet. (List Property, Plant and Equipment in order of Land, Buildings and Equipment. (Enter account name only and do not provide the descriptive information provided in the question.)

Explanation / Answer

Extract of Balance Sheet Particulars Amount($) (Dr) Amount($) (Dr) Non Current Asset Fixed Asset Land 68220 Timber Land 74420 Building 215200 Less: Acc. Dep 48700 166500 Equipment 194490 Less: Acc. Dep 28900 165590 Investment Land 49310 Current Asset Inventory 120590

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