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Prepare the property and plant and equipment section

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On January 2, 2020, Wood Company purchased land that cost $760,000, a building on the land that cost $580,000, and equipment that cost $74,000. The building has an estimated useful life of 29 years. The equipment has an estimated useful life of 10 years.

Required:

Question 1: Prepare the property, plant, and equipment section of the balance sheet as of December 31, 2020.

Note: Use straight-line depreciation with no salvage value.

Reference no: EM132482445

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