P10.5 (LO 2, 3, 5), AP  At December 31, 2022, Grand Company reported the following as plant assets. Land         $4,000,000Buildings    $28,500,000     Less: Accumulated depreciation—buildings    12,100,000    16,400,000Equipment    48,000,000     Less: Accumulated depreciation—equipment    5,000,000    43,000,000Total plant assets         $63,400,000During 2023, the following selected cash transactions occurred. April    1    Purchased land for $2,130,000.May    1    Sold equipment that cost $750,000 when purchased on January 1, 2019. The equipment was sold for $450,000.June    1    Sold land purchased on June 1, 2013 for $1,500,000. The land cost $400,000.July    1    Purchased equipment for $2,500,000.Dec.    31    Retired equipment that cost $500,000 when purchased on December 31, 2013.

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A company has the following assets: 27,000,000 $4,000,000 $23,000,000 1,500,000 3,000,000 Buildings and Equipment less accumulated depreciation Copyrights Patents Land The total amount reported under Property, Plant, and Equipment would be $27,000,000. $32,500,000. O $28,000,000. O $29,500,000. 5,000,000

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Problem 10-3 (Algo) Acquisition costs [LO10-1, 10-4, 10-6] The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Accumulated Depreciation $ Land Land improvements Building Equipment Automobiles Plant Asset $ 480,000 245,000 2,150,000 1,184,000 215,000 Transactions during 2021 were as follows: a. On January 2, 2021, equipment were purchased at a total invoice cost of $325,000, which included a $6,800 charge for freight. Installation costs of $40,000 were incurred. b. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $32,000. The fair value of the building on the day of the donation was $21,000. c. On May 1, 2021, expenditures of $63,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those…

Land: $9,397 Buildings: $20,722 Furnitures, Fixtures, and Equipment: $16,631 Other: $6,931 Accumulated Depreciation: $26,506 Net Property, Plant, and Equipment: 27,175 Sales: $134,752 a. Assuming a useful life of 10 years and no residual value, what is the expected amount of depreciation expense? answer to the nearest million. b. What is the fixed asset turnover ratio? answer to two decimal places. c. What is the average age of fixed assets? answer to two decimal places. d. What is depreciation expense as a percentage of net sales? answer to two decimal places.

Year 2016 Plant, Property, Equipment (Gross) Accumulated depreciation reported in 2020 Annual depreciation for 2020 year $710,000 $520,000 $50,000 Find the average remaining life of Plant, Property, Equipment (PPE). 21

Platteville Corporation has the following account balances at 12/31/20: Amortization expense P 10,000 Trademark 80,000 Research and Development costs 100,000 Patent, net of P30,000 amortization 70,000   What amount should Platteville report for intangible assets on the 12/31/20 statement of financial position?     100,000 150,000 250,000 260,000