The following accounts and corresponding balances were drawn from Delsey Companys 2017 and 2016 year-end...
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Accounting
| The following accounts and corresponding balances were drawn from Delsey Companys 2017 and 2016 year-end balance sheets: |
| Account Title | 2017 | 2016 | ||||
| Investment securities | $ | 105,500 | $ | 115,400 | ||
| Machinery | 522,800 | 426,900 | ||||
| Land | 143,700 | 91,300 | ||||
| Other information drawn from the accounting records: |
| 1. | Delsey incurred a $1,290 loss on the sale of investment securities during 2017. |
| 2. | Old machinery with a book value of $4,200 (cost of $25,380 minus accumulated depreciation of $21,180) was sold. The income statement showed a gain on the sale of machinery of $4,470. |
| 3. | Delsey did not sell land during the year. |
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