Oz Corporation has the following assets at year-end: Patents (net), $26,000; Land, $40,000; Buildings, $200,000; Accumulated Depreciation: Buildings, $57,500; Investment in Held-to-Maturity Bonds, $12,000; Equipment, $100,000; and Accumulated Depreciation: Equipment, $25,000. Prepare the property, plant, and equipment section of Oz's year-end balance sheet. Oz Corporation Partial Balance Sheet December 31 Property, Plant, and Equipment Total property, plant, and equipment

Oz Corporation has the following assets at year-end: Patents (net), $26,000; Land, $40,000; Buildings, $200,000; Accumulated Depreciation: Buildings, $57,500; Investment in Held-to-Maturity Bonds, $12,000; Equipment, $100,000; and Accumulated Depreciation: Equipment, $25,000. Prepare the property, plant, and equipment section of Oz's year-end balance sheet. Oz Corporation Partial Balance Sheet December 31 Property, Plant, and Equipment Total property, plant, and equipment

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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Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: A. Timber rights on a tract of land were purchased for $1,600,000 on February 22. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,100,000 board feet of timber were cut and sold. B. On December 31, the company determined that $3,750,000 of goodwill was impaired. C. Governmental and legal costs of $6,600,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for three-fourths of a year. Required: 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. 2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger…
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Whispering Company owns equipment that cost $100,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Whispering Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) (e) (f) (a) Sold for $59,000 on January 1, 2022. Sold for $59,000 on April 1, 2022. SR. Account Titles and Explanation (b) Sold for $21,000 on January 1, 2022. Sold for $21,000 on September 1, 2022. Repeat (a), assuming Whispering uses double-declining…
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