Question

Information related to plant assets, natural resources, and intangibles at the end of 2020 for Concord Company is as follows: buildings $1,030,000, accumulated depreciation—buildings $653,000, goodwill $410,000, coal mine $496,000, and accumulated depletion—coal mine $108,000.

Answer 1

A.nswer and Explanation:

The preparation of the partial balance sheet is as follows;

Assets

Long term assets:

Plant, property & equipment

Coal mine $496,000

Less: Acc. depletion, coal mines -$108,000 $388,000

Buildings $1,030,000

Less: Acc. depreciation, buildings - $653,000 $377,000

Total Plant, property & equipment $765,000

Goodwill $410,000

Total long term assets $1,175,000