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Use the Following Data to Determine the Total Dollar Amount

question 94

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Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Carne Auto Supplies
Balance Sheet
December 31, 2017
 Cash $70,000 Accounts payable $130,000 Accounts receivable 100,000 Salaries and wages payable 20,000 Inventory 140,000 Mortgage payable 180,000 Prepaid insurance 80,000 Total liabilities $330,000 Stock investments 180,000 Land 190,000 Buildings $230,000 Common stock $240,000 Less: Accumulated  Retained earnings 500,000 depreciation (60,000) 170,000 Total stockholders’ equity $740,000 Trademarks 140,000 Total liabilities and  Total assets $1,070,000 stockholders’ equity $1,070,000\begin{array}{lrlr}\text { Cash } & \$ 70,000 & \text { Accounts payable } & \$ 130,000 \\\text { Accounts receivable } & 100,000 & \text { Salaries and wages payable } & 20,000 \\\text { Inventory } & 140,000 & \text { Mortgage payable } & 180,000 \\\text { Prepaid insurance } & 80,000 & \text { Total liabilities } & \$ 330,000 \\\text { Stock investments } & 180,000 & &\\\text { Land } & 190,000 \\\text { Buildings } \quad \$ 230,000 &&\text { Common stock }&\$240,000\\\text { Less: Accumulated }&&\text { Retained earnings }&500,000\\\text { depreciation }\quad(60,000) &170,000&\text { Total stockholders' equity }&\$740,000\\\text { Trademarks } & 140,000&\text { Total liabilities and }\\\text { Total assets }&\$1,070,000&\text { stockholders' equity }&\$1,070,000\end{array}

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