The Mac Company has four plants nationwide that cost $450 million.Accumulated depreciation on the plants is $100 million at December 31, 2022.The current fair value of the plants at that date is $300 million.The plants will be reported on the December 31, 2022 balance sheet at
A)$350 million.
B)$700 million.
C)$300 million.
D)$600 million.

Question

Quizplus · Accepted Answer

The plants will be reported at cost minus accumulated depreciation, which is $450 million - $100 million = $350 million.

The Mac Company Has Four Plants Nationwide That Cost $450