edugenwaeyplus com open Assignment Problem 10-2 NMENT Selected accounts included in the property, plant, and equipment section of Crane Corporation's balance sheet at December 31, 2016, had the following balances. $450,000 Land improvements 210,000 650,000 sults by study. Equipment 1A0,000 During 2017, the following transactions occurred. 1. A tract of land was acquired for s22s,000 as a potential future buiding site. uired from Mendota Company in exchange for 30,000 shares of Crane's common stock. On the acquistion per share exchange. The plant facility was carried on Mendota's books at s and date, Crane's stock had a closing market price of $37 on a national stock 3. land and for the at the exchange date. appraised values and building, as f Items of machinery and equipment were purchased at a total cost of $600,000. Additional costs were incurred $19,500 Freight and unloading Sales taxes Installation expendtures had an 4. totaung $142,soo were made for new parking lots, streets, and sidewalks at the corporations various plant locations. These estimated useful life of 15 June 30, declining balance depreciation has been recorded on the basis of a 10- s. A on January 1, 2009, was scrapped on 2017. depreciated on the straight-line basis machine costing $120,000 was $66,000 on January 1, 2014, and it was 6. A machine was sold for $30,000 on uly 1, 2017, original cost of the machine over an estimated useful life of 7 years and salvage value accounts (a) Calculate the balance at December 31, each of the following balance sheet accounts. (Hnta Disregard the related accumulated depreciation 2017 in Division of uahn.wley Sons Inc 2000s2010 John Whley sons, Inc. Al Rights Reserved