Current Attempt In Progress Selected Accounts Included In The Property Plant And Equipment Section Of Stellar Corporat 1 (39.2 KiB) Viewed 42 times
Current Attempt in Progress Selected accounts included in the property, plant, and equipment section of Stellar Corporation's balance sheet at December 31, 2019, had the following balances. Land Land improvements Buildings Equipment $396,000 184.800 1.452,000 1.267,200 During 2020, the following transactions occurred. 1. 2. Atract of land was acquired for $198.000 as a potential future building site A plant facility consisting of land and building was acquired from Mendota Company in exchange for 26.400 shares of Stellar's common stock On the acquisition date, Stellar's stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota's books at $145.200 for land and $422.400 for the building at the exchange date. Current appraised values for the land and building, respectively, are $303,600 and $910,800. Items of machinery and equipment were purchased at a total cost of $528.000. Additional costs were incurred as follows. 3.
$17,160 Freight and unloading Sales taxes 26.400 Installation 34,320 4. 5. Expenditures totaling $125,400 were made for new parking lots, streets, and sidewalks at the corporation's various plant locations. These expenditures had an estimated useful life of 15 years. A machine costing $105,600 on January 1, 2012, was scrapped on June 30, 2020. Double-declining-balance depreciation has been recorded on the basis of a 10-year life. Amachine was sold for $26.400 on July 1, 2020. Original cost of the machine was $58.080 on January 1, 2017, and it was depreciated on the straight-line basis over an estimated useful life of 7 years and a salvage value of $2,640. 6. (a) Calculate the balance at December 31, 2020 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.)
Balance at December 31, 2020 Land $ $ Land Improvements $ $ Buildings $ Equipment $
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