Question

Information related to plant assets, natural resources, and intangibles at the end of 2020 for Cheyenne Corp. is as follows: buildings $1,110,000, accumulated depreciation—buildings $651,000, goodwill $410,000, coal mine $500,000, and accumulated depletion—coal mine $104,000. Prepare a partial balance sheet of Cheyenne Corp. for these items. (List Property, Plant and Equipment in order of Coal Mine and Buildings.)

Answer 1

Answer:

Cheyenne Corp.

Balance Sheet

For the year ended December 31, 2020

Assets ...

Long term assets:

Plant, property & equipment

Coal mine                               $500,000

Acc. depletion, coal mines   ($104,000)       $396,000

Buildings                                $1,110,000

Acc. depreciation, buildings ($651,000)      $459,000

Total P,P & E                                                                     $855,000

Goodwill                                                                            $410,000

Total long term assets                                                                     $1,265,000