Use the following information and determine the carrying amount of the property, plant, and equipment of Havelock
Question:
i. On June 30, 2018, the cost of Havelock's property, plant, and equipment was $1,180,000 and the accumulated depreciation was $523,500.
ii. During fiscal 2018, Havelock purchased property, plant, and equipment for $248,500 in cash plus $111.000 in notes payable.
iii. During fiscal 2018, Havelock sold property, plant, and equipment with a cost of $146,000 at a gain of $31,100. Havelock received $55,500 cash for the assets.
iv. During fiscal 2018, Havelock sold land, which is induded in property. plant, and equipment, for $113,000 cash. The sale produced a loss for accounting purposes of S41,100.
v. During fiscal 2018, Havelock wrote down property, plant, and equipment by $44,250.
vi. Havelock recorded a depreciation expense of $126,000.
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