A company has the following account balances at December 31, 2020: ...
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Accounting
A company has the following account balances at December 31, 2020:
Land
348,000
Building
676,000
Accumulated depreciation-Building
67,000
Depreciation-Building
13,000
Equipment
253,000
Accumulated depreciation-Equipment
120,000
Depreciation-Equipment
12,000
The $348,000 land total includes $152,000 of land held for future plant expansion. The equipment-related accounts include a fully-depreciated machine (cost: $40,000; accumulated depreciation: $40,000) that the company still uses in operations.
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