Use the following information for questions.
Financial statements for Kiner Company are given below:

Total assets on the statement of financial position at December 31, 2011 are $2,216,000.Accumulated deprecia-tion on the equipment sold was $112,000.
-The book value of the buildings and equipment at December 31, 2011 was

Question

Use the following information for questions.
Financial statements for Kiner Company are given below:
  
Total assets on the statement of financial position at December 31, 2011 are $2,216,000.Accumulated deprecia-tion on the equipment sold was $112,000.
-The book value of the buildings and equipment at December 31, 2011 was

Quizplus · Accepted Answer

The book value of the buildings and equipment is calculated by subtracting accumulated depreciation from the cost of the buildings and equipment. The given options suggest that the correct book value is $1,016,000.

Use the Following Information for Questions