Financial statements for Rogan Company are given below:
Total assets on the balance sheet at December 31, 2008 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, 2008 was
A) $1,016,000.
B) $1,040,000.
C) $1,424,000.
D) $1,176,000.

Question

Financial statements for Rogan Company are given below:
   Total assets on the balance sheet at December 31, 2008 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, 2008 was
A) $1,016,000. 
B) $1,040,000. 
C) $1,424,000. 
D) $1,176,000.

Quizplus · Accepted Answer

($1,200,000 - $400,000) - $48,000 + $384,000 - $120,000 = $1,016,000.

Financial Statements for Rogan Company Are Given Below