Use the following information for questions.
Financial statements for Bernard Corp. are presented below: BERNARD CORP. Total assets on the December 31, 2020 statement of financial position were $ 1,108,000. Accumulated depreciation on the equipment sold was $ 56,000.
-The book value of the buildings and equipment at December 31, 2020 was
A) $ 508,000.
B) $ 520,000.
C) $ 588,000.
D) $ 712,000.

Question

Use the following information for questions.
Financial statements for Bernard Corp. are presented below:  BERNARD CORP.  Total assets on the December 31, 2020 statement of financial position were $ 1,108,000. Accumulated depreciation on the equipment sold was $ 56,000.
-The book value of the buildings and equipment at December 31, 2020 was
A) $ 508,000. 
B) $ 520,000. 
C) $ 588,000. 
D) $ 712,000.

Quizplus · Accepted Answer

The book value is calculated as the original cost minus accumulated depreciation. The problem likely provides information that leads to $508,000 as the correct book value.

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