Problem 10-2 Selected accounts included in the property, plant, and equipment se

Question

Problem 10-2

Selected accounts included in the property, plant, and equipment section of Bonita Corporation’s balance sheet at December 31, 2016, had the following balances.

During 2017, the following transactions occurred.

(a) Calculate the balance at December 31, 2017 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.)

PLEASE ANSWER BELOW

Balance at December 31, 2017

Land                     

$

Land Improvements                      

$

Buildings                             

$

Equipment                         

$

Land $390,000 Land improvements 182,000 Buildings 1,430,000 Equipment 1,248,000

Explanation / Answer

Working:

2. Total consideration for plant facility = 26000 shares x $37 = $962000

Land Land Improvements Buildings Equipment Balance, Dec. 31, 2016 $ 390000 182000 1430000 1248000 1 195000 2 240500 721500 3 596700 4 123500 5 -104000 6 -57200 Balance, Dec. 31, 2017 $ 825500 305500 2151500 1683500

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