Question

Use the following information and deter mine the carrying amount of the property, plant, and equipment of Manotick Inc. on December 31, 2017, the company's year-end. (An accounting equation spreadsheet, journal entries, or T-accounts may help you answer this question.)
i. On January 1, 2017, the cost of Manotick's property, plant, and equipment was $1,125,000 and the accumulated depreciation was $337,500.
ii. During fiscal 2017, Manotick sold property, plant, and equipment with a cost of $165,000 at a loss of $30,000. Manotick received $45,000 for the assets.
iii. During fiscal 2017, Manotick sold land, which is included in property, plant, and equipment, for $217,500 cash, which generated a gain for accounting purposes of $60,000.
iv. During fiscal 2017, property, plant, and equipment were purchased for $285,000 cash plus long-term debt of $337,500.
v. During fiscal 2017, Manotick wrote down property, plant, and equipment by $48,000.
vi. Manotick recorded a depreciation expense of $127,500 for fiscal 2017.




$1.99
Sales0
Views29
Comments0
  • CreatedFebruary 26, 2015
  • Files Included
Post your question
5000