Best Buy Inc. sells electronics and appliances. The excerpts that follow are adapted from Best Buy s

Best Buy Inc. sells electronics and appliances. The excerpts that follow are adapted from Best Buy s financial statements for 2006. Required Answer these questions about Best Buy s plant assets and goodwill: 1. How much was Best Buy s cost of plant assets at February 28, 2006? How much was the book value of plant assets? Show computations. 2. The financial statements give 3 evidences that Best Buy purchased plant assets and goodwill during 2006. What are they? 3. Prepare T-accounts for Property, Plant, and Equipment; Accumulated Depreciation, and Goodwill. Then show all the activity in these accounts during 2006. Label each increase or decrease and give its dollar amount. During 2006, Best Buy sold plant assets that had cost the company $79 million (accumulated depreciation on these assets was $60 million). Assume there were no losses on goodwill during 2006.

 

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