ANSWERS TO QUESTIONS

(b) Grant Wood Corporation Balance Sheet December 31, 2007 Assets Current assets $296,500b Long-term investments 16,000 Property, plant, and equipment Land $ 30,000 Building ($120,000 + $27,000) $147,000 Less: Accum. depreciation ($30,000 + $4,000) (34,000) 113,000 Equipment ($90,000 – $20,000) 70,000 Less: Accum. depreciation ($11,000 ... ................
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