Question: please help me thats all i have for the question Chapter 11 100 points 1 Print References Depreciation is computed to the nearest month and

please help me
Chapter 11 100 points 1 Print References Depreciation is computed to the
nearest month and residual values are immaterial. Transactions during 2024 and other
thats all i have for the question

Chapter 11 100 points 1 Print References 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 building was acquired from King Corporation in exchange for 28,000 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 $195,000 and $585,000, respectively. b. On March 25, 2024, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $210,000. 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 a total invoice cost of $328,000. Additional costs of $10,000 for delivery and $53,000 for installation were incurred. e. On September 30, 2024, Cord purchased a new automobile for $12,800 f. On September 30, 2024, a truck with a cost of $24.300 and a book value of $9,600 on date of she was sold for $11,800. Depreciation for the nine months ended September 30, 2024, was $2,160. g. On December 20, 2024, equipment with a cost of $18,500 and a book value of $3,050 at dete 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. 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule analyzing the changes in each of the plant asset accounts during 2024. Do not analyze changes in accumulated depreciation and amortization. Land Land improvements Buildings CORD COMPANY Analysis of Changes in Plant Assets For the Year Ending December 31, 2024 Balance 12/31/2023 3 178.000 Increase 210,000 1,050,000 Balance Decrease 12/31/2024 210.000 Equipment Automobiles and trucks i Leasehold improvements 1,275,000 175.000 222.000 $ 3.500.000 $ 210,000 $ ged 1 210.000 Required 2>

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!