| Selected accounts included in the property, plant, and equipment section of Nash Corporations balance sheet at December 31, 2016, had the following balances. | Land | | $444,000 | | Land improvements | | 207,200 | | Buildings | | 1,628,000 | | Equipment | | 1,420,800 | During 2017, the following transactions occurred. | 1. | | A tract of land was acquired for $222,000 as a potential future building site. | | 2. | | A plant facility consisting of land and building was acquired from Mendota Company in exchange for 29,600 shares of Nashs common stock. On the acquisition date, Nashs stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendotas books at $162,800 for land and $473,600 for the building at the exchange date. Current appraised values for the land and building, respectively, are $340,400 and $1,021,200. | | 3. | | Items of machinery and equipment were purchased at a total cost of $592,000. Additional costs were incurred as follows. | | Freight and unloading | | $19,240 | | Sales taxes | | 29,600 | | Installation | | 38,480 | | 4. | | Expenditures totaling $140,600 were made for new parking lots, streets, and sidewalks at the corporations various plant locations. These expenditures had an estimated useful life of 15 years. | | 5. | | A machine costing $118,400 on January 1, 2009, was scrapped on June 30, 2017. Double-declining-balance depreciation has been recorded on the basis of a 10-year life. | | 6. | | A machine was sold for $29,600 on July 1, 2017. Original cost of the machine was $65,120 on January 1, 2014, and it was depreciated on the straight-line basis over an estimated useful life of 7 years and a salvage value of $2,960. | (a) Calculate the balance at December 31, 2017 in each of the following balance sheet accounts. (Hint: Disregard the related accumulated depreciation accounts.) Land,land improvements, buildings, equipment for the balance on december 31,2017 |
