Question

At the end of 2012, Zepher, Corp., had total assets of $13 million and total liabilities of $11 million. Included in the assets were property, plant, and equipment with a cost of $10 million and accumulated depreciation of $2 million. Also included in the assets were $184,000 of patents, $1,645,000 of goodwill, and $273,000 of other long term assets. During 2012, Zepher, Corp., earned total revenues of $20 million and had total expenses of $18 million.

Requirements
1. Show how Zepher, Corp., reported long-term assets on its balance sheet on December 31, 2012.
2. What was the book value of property, plant, and equipment on that date?



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  • CreatedApril 29, 2014
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