Plant and Equipment Your analysis of the fixed asset accounts at the end of 2007 for the Moen Corporation reveals the following information:
1. The company owns two tracts of land. The first, which cost $18,000, is being held as a future building site. It has a current market value of $20,000. The second, which cost $19,000, was purchased 10 years ago. On this site were built the current office and factory buildings. The land has a current market value of $56,000.
2. The company owns two buildings. The office building and the factory building were both built 10 years ago at a cost of $50,000 and $120,000, respectively. At that time each was expected to have a life of 30 years, and a residual value of 10% of original cost. They are being depreciated on a straight line basis.
3. The company owns factory machinery with a total cost of $51,000 and accumulated depreciation of $35,300. Included in factory machinery is one machine that cost $7,000 and has accumulated depreciation of $4,200. This machine is being held for resale and is not being used in operations.
4. The company owns office equipment that cost $14,500 and has a book value of $6,300. It owns office furniture that cost $17,900 and has a book value of $11,400.
Prepare the property, plant, and equipment section of Moen’s 2007 ending balance sheet.