Book Value of Fixed Assets
Cannington, Inc., designs, manufactures, and markets personal computers and related software. The following information was taken from a recent annual report of Cannington Industries:
Property, Plant, and Equipment (In millions):
Land and buildings | Current Year | Preceding Year |
---|---|---|
Machinery, equipment, and internal-use software | $628,030 | $364,257 |
Office furniture and equipment | 596,629 | 471,023 |
Other fixed assets related to leases | 94,205 | 81,644 |
Accumulated depreciation and amortization | 759,916 | 571,507 |
(797,598) | (665,712) |
a. Compute the book value of the fixed assets for the current year and the preceding year.
Current year book value _______
Preceding year book value _______
b. Would you normally expect the book value of fixed assets to increase or decrease during the year?
a.
Current year book value = Land and building + Machinery, equip., and internal use software + Office furniture + Other fixed assets related to leases - accumulated depreciation
= 628,030 + 596,629 + 94,205 + 759,916 - 797,598
= $1,281,182
Preceding year book value = Land and building + Machinery, equip., and internal use software + Office furniture + Other fixed assets related to leases - accumulated depreciation
= 364,257 + 471,023 + 81,644 + 571,507 - 665,712
= $822,719
b.
The Book value of fixed assets would decrease during the year.
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