At the end of 2014, Zaney, Corp. had total assets of $26 million and total liabilities of $15 million. Included in the assets were property, plant, and equipment with a cost of $14 million and accumulated depreciation of $5 million. During 2014, Zaney, Corp. earned total revenues of $24 million and had total expenses of $15 million. Show how Zaney, Corp. reported property, plant, and equipment on its balance sheet on December 31, 2014. What was the book value of property, plant, and equipment on that date?
Answer to relevant QuestionsWilson Mining (WM) purchased a truck on April 1 for $98,500. WM expected the truck will be used for 5 years and to have a residual value of $3,500. WM expects the truck to be used for 125,000 kilometers: first year, 23,000 ...Assume that early in year 1, Marginal Company purchased equipment at a cost of $520,000. Management expects the equipment to remain in service for five years, with zero residual value. Marginal Company uses the straight-line ...Qasim Manufacturing Ltd. has three assets. Their costs, estimated residual value, useful life in years, and their carrying value on January 1, 2014, are listed in the following table: During 2014, Qasim completed the ...On March 1, Taikin Manufacturing Ltd. purchased a factory with a lot of land and a machine for $818,000. Taikin paid legal fees of $2,000 for this purchase, renovation costs on the building of $27,000, and the $8,000 cost of ...Mackay Industries had a piece of equipment that cost $32,000 and had accumulated depreciation of $28,000. Requirement 1. Record the disposition of the equipment assuming the following independent situations: a. Mackay ...
Post your question