Question: When preparing a draft of its 2010 balance sheet, Mont, Inc. reported net assets totaling $875,000. Included in the asset section of the balance sheet

When preparing a draft of its 2010 balance sheet, Mont, Inc. reported net assets totaling $875,000. Included in the asset section of the balance sheet were the following:

Treasury stock of Mont, Inc. at cost, which approximates market value on December 31 $24,000 Idle machinery 11,200 Cash surrender value of life insurance on corporate executives 13,700 Allowance for decline in market value of noncurrent equity investments 8,400 At what amount should Mont’s net assets be reported in the December 31, 2010 balance sheet?

a. $851,000

b. $850,100

c. $842,600

d. $834,500

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