Reference no: EM132790783
XYZ Corporation Balance sheet as of 12/31/20 reflects Buildings, net 130,000 and Equipment, net $175,000; Land $250,000; Land held for speculation $150,000. As of 12/31/2020 Accumulated depreciation- buildings was 70,000 and accumulated depreciation - equipment was 75,000.
During 2021 the following transactions occurred:
a. Equipment (cost $30,000 and accumulated depreciation $20,000) was sold for $12,000.
b. Building was purchased for $50,000
c. Building (cost of 70,000 and accumulated depreciation $30,000) was sold for $52,000.
d. Equipment was purchased for $40,000
e. Depreciation expense for 2021 was 23,000 ($5,000 buildings, 25,000 equipment)
Problem 1: Prepare the Property Plant and Equipment section of the classified balance sheet for 12/31/21.
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Prepare the property plant and equipment section
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