Use the following data to determine the total dollar amount of assets to be classified as property,
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Question:
Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment.
Eddy Auto Supplies | |||||
Balance Sheet | |||||
December 31, 2014 | |||||
Cash | | $84,000 | | Accounts payable | $110,000 |
Accounts receivable | | 80,000 | | Salaries and wages payable | 20,000 |
Inventory | | 140,000 | | Mortgage payable | 180,000 |
Prepaid insurance | | 60,000 | | Total liabilities | $310,000 |
Stock Investments | | 170,000 | | | |
Land | | 190,000 | | | |
Buildings | $226,000 | | | Common stock | $240,000 |
Less: Accumulated depreciation | (40,000) | 186,000 | | Retained earnings | 500,000 |
Trademarks | | 140,000 | | Total stockholders\' equity | $740,000 |
Total assets | | $1,050,000 | | Total liabilities and stockholders\' equity | $1,050,000 |
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