4.5.6.Expenditures totaling $134,900 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 $113,600 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 $28,400 on July 1, 2025. Original cost of the machine was $62,480 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 $2,840.(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$$$$ Selected accounts included in the property, plant, and equipment section of Kingbird Corporation's balance sheet at December 31,2024, had the following balances.LandLand improvementsBuildingsEquipment1.2.During 2025, the following transactions occurred.3.$426,000198,800Sales taxes1,562,0001,363,200A tract of land was acquired for $213,000 as a potential future building site.A plant facility consisting of land and building was acquired from Mendota Company in exchange for 28,400 shares ofKingbird's common stock. On the acquisition date, Kingbird'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 $156,200 for land and $454,400 for the building at theexchange date. Current appraised values for the land and building, respectively, are $326,600 and $979,800.Items of machinery and equipment were purchased at a total cost of $568,000. Additional costs were incurred as follows.InstallationFreight and unloading$18,46028,40036,920

The balance sheet refers to the financial statement showing the assets, liabilities, and…

4. 5. 6. Expenditures totaling $134,900 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 $113,600 on January 1, 2017, was scrapped on June 30, 2025. Double-declining-balance depreciation has been recorded on the basis of a 10-year life. A machine was sold for $28,400 on July 1, 2025. Original cost of the machine was $62,480 on January 1, 2022, and it was depreciated on the straight-line basis over an estimated useful life of 7 years and a salvage value of $2,840. (a) Calculate the balance at December 31, 2025 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.) Balance at December 31, 2025

4. 5. 6. Expenditures totaling $134,900 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 $113,600 on January 1, 2017, was scrapped on June 30, 2025. Double-declining-balance depreciation has been recorded on the basis of a 10-year life. A machine was sold for $28,400 on July 1, 2025. Original cost of the machine was $62,480 on January 1, 2022, and it was depreciated on the straight-line basis over an estimated useful life of 7 years and a salvage value of $2,840. (a) Calculate the balance at December 31, 2025 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.) Balance at December 31, 2025

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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