Question: I have over half the answers wrong. Depreciation methods and useful lives: Buildings 150% declining balance; 25 years Equipment-Straight line; 10 years Altomobiles and trucks-200%



Depreciation methods and useful lives: Buildings 150% declining balance; 25 years Equipment-Straight line; 10 years Altomobiles and trucks-200\% declining balance; 5 years, all acquired after 2020 Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is computed to the nearest month and residual values are immaterial Transactions during 2024 and other information: a On January 6, 2024, a plant facility consisting of land and bullding was acquired from King Corporation in exchange for 18,000 a. On January 6,2024 , a plant facility consisting of land and buiding was acquired from King Corporation in exchange for 18,000 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 $136,000 and $544,000, respectively. b. On March 25, 2024, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $150,000. These expenditures had an estimated useful life of 12 years. c. The leasehold improvements were completed on December 31,2020 , and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2026, was renewable for an additional four-year term. On April 30, 2024, Cord exercised the renewal option d. On July 1, 2024, equipment was purchased at o total invoice cost of $318,000. Additional costs of $12,000 for delivery and $43,000 for installation were incurted e. On September 30, 2024, Cord purchased onew automobile for $11,800 f. On September 30,2024 , a truck with a cost of $23,300 and a book value of $7,800 on cate of sale was sold for $10,800. Depreciation for the nine months ended September 30,2024 , was $1,755 9. On Decembet 20,2024 , equipment with a cost of $13,500 and a book value of $2,800 at date of disposition was scrapped without cash recovery. Required: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2024 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 , Prepare a schedule analyzing the changes in each of the plant asset accounts during 2024. Do not analyze changes in accumulated depreciation and amortization. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31 , 2024. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar
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