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Sad Chapter 10 Case 1 bot Real World Case 10-6 (Static) Property, plant, and equipment; Norfolk Southern Corporation (LO10-1] Norfolk Southern Corporation, one of the nation's premier transportation companies, reported the following amounts in the asset section of its balance sheets for the years ended December 31, 2016 and 2015: (no) December 31, 2016 December 31, 2015 Property and equipment, net $29,751 520,992 sipped In addition, information from the 2016 statement of cash flows and related notes reported the following items ($ in millions): Print Depreciation Addition to property and equipment sale price of property and equipment 51,030 1,387 130 References Required: What is the gain on the sale of property and equipment for the year ended December 31, 2016? (Enter your answers in millions.) Property and equipment, beginning of the you Decrease in property and equipment $ $ Decrease in property and equipment, excluding depreciation Sale price of property and equipment Amount sales price is above book value $ 0 1 Problem 10-3 (Algo) Acquisition costs (L010-1, 10-4, 10-6] 10 points The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Stopped Land Land improvements Building Equipment Automobiles Plast Asset $ 490,000 250,000 2,200,000 1,186.000 220,000 Accumulated Depreciation $ 59.000 364,000 419,000 126,000 300 Print References Transactions during 2021 were as follows: a. On January 2, 2021, equipment were purchased at a total invoice cost of $330,000, which included a $6,900 charge for freight Installation costs of $41,000 were incurred. b. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $33,000. The fair value of the building on the day of the donation was $21,500. c. On May 1, 2021, expenditures of $64,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On November 1, 2021. Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common stock that had a market price of $36 per share. Pell paid legal fees and title insurance totaling $37,000. Shortly after acquisition, the bullding was razed at a cost of $49,000 in anticipation of new building construction in 2022 e On December 31, 2021, Pell purchased a small storage building by giving $16,650 cash and an old automobile purchased for $25,000 in 2014 Depreciation on the old automobile recorded through December 31, 2021, totaled $14,900. The fair value of the old automobile was $5,150. Required: Prepare a schedule analyzing the changes in each of the plant assets during 2021 three years ago for $33,000. The fair value of the building on the day of the donation was $21,500. c. On May 1, 2021, expenditures of $64,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated, d. On November 1, 2021, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common stock that had a market price of $36 per share. Pell paid legal fees and title insurance totaling $37,000. Shortly after acquisition, the building was razed at a cost of $49,000 in anticipation of new building construction in 2022 e. On December 31, 2021, Pell purchased a small storage building by giving $16,650 cash and an old automobile purchased for $25,000 in 2014. Depreciation on the old automobile recorded through December 31, 2021, totaled $14,900. The fair value of the old automobile was $5,150. a Required: Prepare a schedule analyzing the changes in each of the plant assets during 2021 PELL CORPORATION Analysis of Changes in Plant Assets For the Year Ended December 31, 2021 Balance 12/31/2020 Increase Decrease S 490,000 250,000 2,200,000 Balance 12/31/2021 Land Land improvements Building Equipment Automobiles Totals 1,188,000 220,000 $4,346,000 $ 0 $ 0 $