Great Lake Furniture Limited’s 2023 financial statements reported these amounts (in thousands of dollars):

In the 2023 annual report, Great Lake Furniture Limited reported amortization expense of $8,552,000. In addition, the company reported it had disposed of certain property, plant, and equipment assets and acquired others. The gain on disposal of property, plant, and equipment was $56,000.

Required

1. What was the accumulated amortization of the assets disposed of during 2023?

2. Assume that Great Lake Furniture Limited acquired assets costing $27,681,000 during 2023. What was the cost price of the assets sold during the year?

3. Write the journal entry to record the disposal of the property, plant, and equipment at the end of the year.

Transcribed Image Text:

Land Buildings Equipment Vehicles Computer hardware and software Leasehold improvements Net book value 2023 Cost $ 41,378 116,832 17,940 13,994 6,869 26,178 $223,191 December 31 Accumulated Amortization $ 51,566 11,712 11,533 4,335 7,461 $ 86,607 $136,584 2022 Accumulated Cost Amortization $ 35,073 105,325 16,575 13,513 5,885 21,081 $197,452 - $ 46,981 10,678 10,680 3,614 6,220 $ 78,173 $119,279