Cannington, Inc., designs, manufactures, and markets personal computers and related software. The following information was...
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Accounting
Cannington, Inc., designs, manufactures, and markets personal computers and related software. The following information was taken from a recent annual report of Cannington industries:
Property, Plant, and Equipment:
Current Year
Preceding Year
Land and buildings
$621,340
$360,377
Machinery, equipment, and internal-use software
590,273
466,005
Office furniture and equipment
93,201
80,774
Other fixed assets related to leases
751,821
565,419
Accumulated depreciation and amortization
789,102
658,620
a. Compute the book value of the fixed assets for the current year and the preceding year.
Current year book value
$
Preceding year book value
$
b. Would you normally expect the book value of fixed assets to increase or decrease during the year?
Answer & Explanation
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