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10 The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting department of Thompson has started the fixed asset

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10 The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting department of Thompson has started the fixed asset and depreciation schedule presented below. You have been asked to assist in completing this schedule. In addition to ascertaining that the data already on the schedule are correct, you have obtained the following information from the company's records and personnel (FV of $1. PV of S1, EVA of $1. PVA of $1. EVAD of S1 and PVAD of $(Use appropriate factor(s) from the tables provided.) 3 points . Pint a. Depreciation is computed from the first of the month of acquisition to the first of the month of disposition b. Land A and Building A were acquired from a predecessor corporation. Thompson paid $892,500 for the land and building together. At the time of acquisition, the land had a fair value of $117,600 and the building had a fair value of $862,400 c. Land B was acquired on October 2, 2019, in exchange for 3,800 newly issued shares of Thompson's common stock. At the date of acquisition, the stock had a par value of $5 per share and a fair value of $33 per share. During October 2019. Thompson paid $11,200 to demolish an existing building on this land so it could construct a new building. d. Construction of Building B on the newly acquired land began og October 1, 2020. By September 30, 2021, Thompson had paid $290,000 of the estimated total construction costs of $380,000. Estimated completion and occupancy are July 2022 e. Certain equipment was donated to the corporation by the city. An independent appraisal of the equipment when donated placed the fair value at $19,200 and the residual value at $2,800. t Equipment A's total cost of $101.000 includes installation charges of $630 and normal repairs and maintenance of $12.700. Residual value is estimated at $4,600. Equipment A was sold on February 1, 2021. 9. On October 1, 2020, Equipment B was acquired with a down payment of $4,800 and the remaining payments to be made in 10 annual installments of $4,800 each beginning October 1, 2021 The prevailing interest rate was 7%. Required: Supply the correct amount for each answer box on the schedule (Round your intermediate calculations and final antwers to the nearest whole dollar) THOMPSON CORPORATION Fixed Asset and Depreciation Bobodule For Fiscal Year Ended September 30, 2020, and September 30, 2021 Assets Acquisition Data Depreciation for Year Ended 9/30 Cosi Residual Depreciation Method Estimated Life in Years 2020 NIA 2021 NA NIA $ NIA 75.000 NIA $ 4.800 NIA NA NA Land A Building Land Buiding Donated Equipment Equipment Equipments 10/1/2010 10/1/2019 10/2/2019 Under construction 10/2/2010 10/2/2010 10/12020 290,000 to date not applicable Straight line not applicatie Straight line 2009 Declining balance Sum of the years.digt Straight-line 30 2.800 4,000 10 8 15

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