P 11-2 Comprehensive problem; Chapters 10 and 11 LO11-2, LO11-4 At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Accumulated Depreciation Plant Asset and Amortization $ 175,000 $ - 1,500,000 1,125,000 172,000 328,900 317,500 100,325 216,000 108,000 - 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 25,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $50 a share. Current assessed values of land and building for property tax purposes are $187,500 and $562,500, respectively. b. On March 25, 2021, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $192,000. 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 $325,000. Additional costs of $10,000 for delivery and $50,000 for installation were incurred. e. On September 30, 2021, Cord purchased a new automobile for $12,500. f. On September 30, 2021, a truck with a cost of $24,000 and a book value of $9,100 on date of sale was sold for $11,500. Depreciation for the nine months ended September 30, 2021, was $2,650. g. On December 20, 2021, equipment with a cost of $17,000 and a book value of $2,975 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 2021. This schedule should include columns for beginning balance, increase, decrease, and ending balance for each of the plant asset accounts. 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. Round computations to the nearest whole dollar. Buildings: Book value, 1/1/2021 Building acquired 1/6/2021 Total amount subject to depreciation 150% declining balance rate Equipment: Balance, 1/1/2021 Straight-line rate Purchased on 7/1/2021 Depreciation for one-half year Depreciation on equipment for 2021 Automobiles and trucks: Book value, 1/1/2021 Deduct 1/1/2021 book value of truck sold on 9/30 Amount subject to depreciation 200% declining balance rate Automobile purchased, 8/30/2021 Depreciation for 2021 Truck sold on 9/30/2021 - depreciation Depreciation on automobiles and trucks Leasehold improvements: Book value, 1/1/2021 Amortization period, years Amortization of leasehold improvements for 2021 Total depreciation and amortization expense for 2021