Problem: On January 2, 2024, Stewart Company purchased land that cost $800,000, a building on the land that cost $620,000, and equipment that cost $68,000. The building has an estimated useful life of 20 years. The equipment has an estimated useful life of 8 years.
Required: Prepare the property, plant, and equipment section of the balance sheet as of December 31, 2024. Note: Use straight-line depreciation with no salvage value. Stewart Company Balance Sheet (partial) December 31 Property, Plant, and Equipment x undefined Total Property, Plant, and Equipment