At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances...

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At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation and Amortization $ Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 165,000 1,000,000 625,000 162,000 196,000 Depreciation methods and useful lives: Buildings-150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017. Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2021 and other information: a. On January 6, 2021, a plant facility consisting of land and building was acquired from King Corp. in exchange for 15,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $40 a share. Current assessed values of land and building for property tax purposes are $130,000 and $520,000, respectively. b. On March 25, 2021, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $132,000. These expenditures had an estimated useful life of 12 years. c. The leasehold improvements were completed on December 31, 2017, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2023, was renewable for an additional four-year term. On April 30, 2021, Cord exercised the renewal option. d. On July 1, 2021, equipment was purchased at a total invoice cost of $315,000. Additional costs of $12,000 for delivery and $40,000 for installation were incurred. e. On September 30, 2021, Cord purchased a new automobile for $11,500. f. On September 30, 2021, a truck with a cost of $23,000 and a book value of $7,200 on date of sale was sold for $10,500. Depreciation for the nine months ended September 30, 2021, was $1,620. g. On December 20, 2021, equipment with a cost of $12,000 and a book value of $2,725 at date of disposition was scrapped without cash recovery. Required 1 Required 2 Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021. Do not analyze changes in accumulated depreciation and amortization. 2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2021. Complete this question by entering your answers in the tabs below. Land Land improvements Buildings Equipment Automobiles and trucks. Leasehold improvements Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021. Do not analyze changes in accumulated depreciation and amortization. CORD COMPANY Analysis of Changes in Plant Assets For the Year Ending December 31, 2021 Balance 12/31/2020 $ 165,000 Required 1 Required 2 0 318,900 307,500 1,000,000 625,000 162,000 196,000 $ 2,148,000 $ 90,325 98,000 Increase CORD COMPANY Depreciation and Amortization Expense For the Year Ending December 31, 2021 Land Improvements Buildings Equipment Automobiles and trucks Leasehold improvements Total depreciation and amortization expense for 2021 $ 0 $ Decrease For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2021. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Balance 12/31/2021 0 $ At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation and Amortization $ Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 165,000 1,000,000 625,000 162,000 196,000 Depreciation methods and useful lives: Buildings-150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017. Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2021 and other information: a. On January 6, 2021, a plant facility consisting of land and building was acquired from King Corp. in exchange for 15,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $40 a share. Current assessed values of land and building for property tax purposes are $130,000 and $520,000, respectively. b. On March 25, 2021, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $132,000. These expenditures had an estimated useful life of 12 years. c. The leasehold improvements were completed on December 31, 2017, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2023, was renewable for an additional four-year term. On April 30, 2021, Cord exercised the renewal option. d. On July 1, 2021, equipment was purchased at a total invoice cost of $315,000. Additional costs of $12,000 for delivery and $40,000 for installation were incurred. e. On September 30, 2021, Cord purchased a new automobile for $11,500. f. On September 30, 2021, a truck with a cost of $23,000 and a book value of $7,200 on date of sale was sold for $10,500. Depreciation for the nine months ended September 30, 2021, was $1,620. g. On December 20, 2021, equipment with a cost of $12,000 and a book value of $2,725 at date of disposition was scrapped without cash recovery. Required 1 Required 2 Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021. Do not analyze changes in accumulated depreciation and amortization. 2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2021. Complete this question by entering your answers in the tabs below. Land Land improvements Buildings Equipment Automobiles and trucks. Leasehold improvements Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021. Do not analyze changes in accumulated depreciation and amortization. CORD COMPANY Analysis of Changes in Plant Assets For the Year Ending December 31, 2021 Balance 12/31/2020 $ 165,000 Required 1 Required 2 0 318,900 307,500 1,000,000 625,000 162,000 196,000 $ 2,148,000 $ 90,325 98,000 Increase CORD COMPANY Depreciation and Amortization Expense For the Year Ending December 31, 2021 Land Improvements Buildings Equipment Automobiles and trucks Leasehold improvements Total depreciation and amortization expense for 2021 $ 0 $ Decrease For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2021. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Balance 12/31/2021 0 $

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Cord Company ANALYSIS OF CHANGES IN PLANT ASSETS For the Year Ending December 31 2021 BalanceBalance 123120IncreaseDecrease123121 Land Schedule 1 1650... View the full answer