Sunland Company’s December 31, 2020, trial balance includes the following accounts: Inventory $124,900, Buildings $208,800, Accu
mulated Depreciation-Equipment $27,400, Equipment $198,900, Land (held for investment) $48,700, Accumulated Depreciation-Buildings $45,900, Land $62,800, and Timberland $74,500.Prepare the property, plant, and equipment section of the balance sheet. (List Property, Plant and Equipment in order of Land, Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
1 answer:
Answer:
Explanation:
Before preparing the property, plant, and equipment section, we need to first calculate the total assets amount which equals to
= Land + Land (held for investment) + Building - Building Accumulated Depreciation + Equipment - Accumulated Depreciation of Equipment
= $62,800 + $48,700 + $208,800 - $45,900 + $198,900 - $27,400
= $445,900
The preparation of property, plant, and equipment section of the balance sheet is presented in the spreadsheet. Kindly find the attachment below:
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