Reference no: EM131796586
Question - The following data relate to the Plant Asset account of Planter Co., at December 31, 1999.
Plant Asset A B C D
Original cost ? $240,000 $25,000,000 $60,000
Year purchased Jan 1, 1992 Jan 1. 1998 ? Jan 1, 1994
Useful life 20 years ? 30 years 10 years
Salvage Value $10,000 $30,000 $2,000,000 $4,000
Depreciation Method Straight Line Sum-of-Years Straight line 150% declining balance
Accumulated Depr ? $126,000* ? ?
Book value $196,000 ? $20,783,333 ?
* For Asset B the depreciation was $70,000 in 1998 and $56,000 in 1999.
a) On December 31, 1999, after all adjusting journal entries are complete, Asset A has a book value of $196,000 as given above. Determine the cost of the machine.
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