Balance sheet presentation

Balance sheet presentation of property, plant, and equipment (Problem B-10.01)

The following selected account balances were taken from the general ledger of Vance Corporation as of
December 31, 20X7. Examine this information and prepare the property, plant, and equipment section of
the company’s balance sheet. All accounts listed carry a normal balance

Land $500,000
Buildings $1,650,000
Equipment $2,860,000
Accumulated depreciation: Buildings $472,000
Accumulated depreciation: Equipment $1,333,400
Depreciation expense: Buildings $125,000
Depreciation expense: Equipment $278,111

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