Blossom Real Estate Balance Sheet December 31, 2020 Cash $ 25400 Accounts Payable $ 60700 Prepaid Insurance 30100 Salaries and Wages 14800 Payable Accounts Receivable 50600 Mortgage Payable 86700 Inventory 68700 Total Liabilities 162200 Land Held for 83800 Investment Land 121100 Buildings $98100 Less Accumulated Owner's Capital 364400 Depreciation (20100) 78000 Trademark 68900 Total Liabilities and Total Assets $526600 Owner's Equity $526600 The total dollar amount of assets to be classified as investments is

SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 38P
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The total dollar amount of assets to be classified as investment is ? 

Blossom Real Estate
Balance Sheet
December 31, 2020
Cash
$ 25400
Accounts Payable
$460700
Salaries and Wages
Payable
Prepaid Insurance
30100
14800
Accounts Receivable
50600
Mortgage Payable
86700
Inventory
68700
Total Liabilities
162200
Land Held for
83800
Investment
Land
121100
Buildings
$98100
Less Accumulated
Owner's Capital
364400
Depreciation
(20100)
78000
Trademark
68900
Total Liabilities and
Total Assets
$526600
Owner's Equity
$526600
The total dollar amount of assets to be classified as investments is
Transcribed Image Text:Blossom Real Estate Balance Sheet December 31, 2020 Cash $ 25400 Accounts Payable $460700 Salaries and Wages Payable Prepaid Insurance 30100 14800 Accounts Receivable 50600 Mortgage Payable 86700 Inventory 68700 Total Liabilities 162200 Land Held for 83800 Investment Land 121100 Buildings $98100 Less Accumulated Owner's Capital 364400 Depreciation (20100) 78000 Trademark 68900 Total Liabilities and Total Assets $526600 Owner's Equity $526600 The total dollar amount of assets to be classified as investments is
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