Given below are several accounts and balances:
$\begin{array}{l}
\begin{array}{lll}
\
\text { Accumulated depreciation } \
\text {Gain on disposal of plant assets } \
\text { Equipment (Equipment with book value of \$ 36,875 \ was sold) } \
\text { Land } \
\text {Cash received from sale of plant asset } \
\end{array}
\begin{array}{lll}
\underline { 2013 } & \underline { 2012 } \
{ \$ 178,125 }& { \$ 758,750 }\
78,125 & \
893,750 & 993,750 \
750,000 & 750,000 \
65,000 &
\end{array}
\end{array}$ A)Prepare the property plant and equipment section of the balance sheet at December 31, 2013 in the space provided below.
B)By how much will net income increase or decrease during 2013 as a result of the above information?

Question

Given below are several accounts and balances:
 $\begin{array}{l}
\begin{array}{lll}
\
 \text { Accumulated depreciation  } \
\text {Gain on disposal of plant assets } \
\text { Equipment (Equipment with book value of \$ 36,875 \ was sold)    } \
\text { Land } \
\text {Cash received from sale of plant asset  } \
\end{array}
\begin{array}{lll}
 \underline { 2013 }  & \underline { 2012 } \
{ \$ 178,125 }& { \$ 758,750 }\
78,125 & \
893,750 & 993,750 \
750,000 & 750,000 \
65,000 &
\end{array}
\end{array}$ A)Prepare the property plant and equipment section of the balance sheet at December 31, 2013 in the space provided below. 
B)By how much will net income increase or decrease during 2013 as a result of the above information?

Quizplus · Accepted Answer

The Answer of Given below are several accounts and balances:
 $\begin{array}{l}
\begin{array}{lll}
\
 \text { Accumulated depreciation  } \
\text {Gain on disposal of plant assets } \
\text { Equipment (Equipment with book value of \$ 36,875 \ was sold)    } \
\text { Land } \
\text {Cash received from sale of plant asset  } \
\end{array}
\begin{array}{lll}
 \underline { 2013 }  & \underline { 2012 } \
{ \$ 178,125 }& { \$ 758,750 }\
78,125 & \
893,750 & 993,750 \
750,000 & 750,000 \
65,000 &
\end{array}
\end{array}$ A)Prepare the property plant and equipment section of the balance sheet at December 31, 2013 in the space provided below. 
B)By how much will net income increase or decrease during 2013 as a result of the above information?

Given Below Are Several Accounts and Balances A)Prepare the Property Plant and Equipment Section of the Balance