Problem
Company issued 5,000 shares for 40,000Company has net income of 77.000 and declared dividends of 40,000Prepare the stockholders' equity section of the balance sheet as it would be presented in a classified balance sheetPP&E 12/31/2014Buildings, net 180,000Land held for speculation 100,000Land 120,000Equipment, net 210,000Accumulated depreciation buildings - 40,000Accumulated depreciation equipment - 140,000Duiring 2015:Equipment (cost 40,000 and accumulated depreciation $22,000) was sold for $17,000Buildings purchased for $40,000Building (cost 50,000 and accumulated depreciation of 10,000) was sold for 70,000Equipment was purchased for 32,000Depreciation expense for 2015 was 50,000 ($6,000 buildings, 44,000 equipment). Prepare the Property, Plant and Equipment section of the balance sheet as it would be seen in a classified balancesheet.